The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to account for more than ₦825 billion and $2.5 billion in public funds reportedly allocated for refinery rehabilitation and other oil-related purposes.

According to a statement by SERAP’s Deputy Director, Kolawole Oluwadare, the lawsuit stems from findings contained in the 2021 audited report released by the Auditor-General of the Federation, Adolphus Aghughu, in late 2024. The report raises concerns about serious financial mismanagement at NNPCL, with several large sums either missing or unaccounted for.

The suit, filed at the Federal High Court in Lagos, seeks an order compelling NNPCL to explain how the funds were used, recover the missing money, and remit it to the Federation Account. SERAP is also asking the court to direct NNPCL to identify those responsible for the financial lapses and hand them over to anti-corruption agencies for investigation and prosecution.

In its legal argument, SERAP maintained that the Auditor-General’s report and public remarks by business magnate Aliko Dangote about the state of Nigeria’s refineries point to widespread violations of public trust, constitutional duties, and anti-corruption laws. The group added that the alleged diversion of funds has further weakened the country’s economy, worsened poverty, and increased government borrowing.

SERAP emphasized that most Nigerians have seen little benefit from the country’s oil resources due to a persistent lack of transparency and accountability at NNPCL. The organization believes that holding the company accountable is necessary to restore public confidence, recover stolen funds, and ensure that similar abuses do not occur in the future.

No date has been set for the hearing.