The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for a missing N500 billion in oil revenue between October and December 2024.

The suit, filed last Friday at the Federal High Court in Lagos (Suit No. FHC/L/MSC/553/2025), follows recent allegations by the World Bank that out of N1.1 trillion generated from crude sales and other income in 2024, only N600 billion was remitted by the NNPCL, leaving N500 billion unaccounted for.NNPCL, through its legal representatives Afe Babalola and Co, had earlier claimed that the Freedom of Information (FoI) Act does not apply to it—a position SERAP is now contesting in court.

“There is a legitimate public interest in providing the details sought. The NNPCL has a legal responsibility to account for and explain the whereabouts of the missing oil money,” SERAP said in court documents filed by its legal team: Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke.

SERAP is seeking an order of mandamus to compel NNPCL to explain and account for the missing funds, involve anti-corruption agencies to trace and recover the money, and identify and prosecute those allegedly responsible.

“The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending and the crippling debt crisis,” SERAP stated.The organisation emphasized that the funds in question were meant for the Federation Account and should have been shared among all levels of government.

“Nigerians continue to bear the brunt of these missing public funds… despite the country’s enormous oil wealth,” the suit read.Citing a recent Supreme Court judgment, SERAP insists that the FoI Act applies to public records held by the NNPCL.

The group also referenced international legal obligations, including the UN Convention Against Corruption, which mandates transparency and accountability in public resource management.

“Without the full recovery and remittance of the missing N500 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services,” SERAP warned.The case has not yet been assigned a hearing date.