Group sues NNPCL over ‘failure to account for missing N22.3bn, $49.7m, £14.3m, €5.2m oil money’
By Daylight
February 1, 2026
NNPC logo
By KEMI KAYODE
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the “failure to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
The suit followed the damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.
In the suit number FHC/ABJ/CS/195/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.”
SERAP is asking the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
In the suit, SERAP is arguing that: “The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
SERAP is also arguing that, “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”
SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
According to SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
SERAP is also arguing that, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
The lawsuit filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, read in part: “The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
“The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international human rights and anticorruption obligations.”
“According to the 2022 audited report by the Auditor General of the Federation, published on 9 September 2025, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
“The NNPCL in 2020 reportedly paid over N292 million [N292,609,972.29] ‘for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja.’ But ‘the contractor has abandoned the contract, and failed to execute the job, despite collecting the fee.’”
“The Auditor-General fears the contract money may have been ‘diverted’. He wants the money ‘recovered from the contractor and remitted to the treasury.’”
“The NNPCL in 2021 also reportedly spent over GBP£14 million [£14,322,426.59] ‘to repair its London office.’ But ‘there was no evidence to show that the money was actually spent, and no documents of any spending’.”
“The NNPCL also ‘irregularly paid’ over USD$22 million [$22,842,938.28] to a contractor for lifting 9 cargoes of crude oil.’ The NNPCL ‘failed to explain why the amount due to it from crude from January to October 2019 was only $4,858,997.22 and why the contractor got over $22 million for crude for the same period.’”
“The NNPCL in 2021 ‘irregularly paid N2.3 billion [N2,379,488,622.99] as car cash option to 100 staff’ but ‘without the approval of the National Salaries, Incomes and Wages Commission’, and ‘without any document to show that the 100 staff applied for the cash options and any rationale for the payments.’”
“The NNPCL in 2021 also reportedly ‘failed to deduct statutory taxes of over N247 million [N247,181,597.92] from payments made to contractors and service providers.’ The NNPCL also ‘failed to deduct statutory taxes of over USD$529,000 [$529,863.24] from payments made to contractors and service providers.’”
“The NNPCL ‘paid over N3bn [N3,445,022,107.40] for various services’ but ‘without any documents or trace’. The Auditor-General fears ‘the money may have diverted’.”
“The NNPCL ‘irregularly renewed a contract for over USD$1 million [$1,801,500.00] for charter hire of coastal vessel.’ The money was paid ‘before the consummation of a formal contract ratification.’”
“The NNPCL also ‘irregularly paid a contractor over N355 million [N355,436,310.42] as consultancy fees for negotiating and securing waiver to avoid demurrage on abandoned cargoes.’”
“The NNPCL ‘paid over N474 million [N474,462,744.53] to a contractor for the connection of Kaduna Refining and Petrochemical Company Limited to the National Grid.’ The Auditor-General is concerned ‘the money may have been lost’.”
“The NNPCL ‘paid over USD$2 million [$2,006,293.20] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’. The NNPCL also ‘paid over N478 million [N478,505,300.00] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’.”
“The NNPCL in 2019 ‘awarded a contract for over USD$8 million [$8, 211,432.00] ‘for the emergency procurement and installation of custody transfer meters on crude oil and product pipelines at eleven locations.’ The Auditor-General fears that ‘the payments may be for work not executed.’”
“The NNPCL ‘irregularly paid over €5 million [€5,165,426.26] to a contractor for the operation and maintenance of Atlas Cove Jetty Facility’ but ‘without any documents.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid over USD$1 million [$1,035,132.81] as legacy debt for charter hire of coastal vessels to a company without power of attorney.’ The Auditor-General fears that ‘the money may have been diverted’.’”
“The NNPCL ‘inflated a contract for over USD$1 million [$1,926,497.38] to hire a Time Charter for Carriage of Petroleum Products.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid $156,000.00 to a consultant as outstanding fee for advising on the financing of the rehabilitation of PHRC’, but ‘the payment is doubtful’’. The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘failed to deduct USD$8,355.18 as taxes from the payment of outstanding fees to a consultant for advising on the financing of the rehabilitation of PHRC.’”
“The NNPCL ‘irregularly paid over N82 million [N82,647,151.00] to a consultant for geotechnical/geophysical investigations of the proposed Independent Power Plant Project site.’ But ‘there was no document showing any evidence of payment’. The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘paid over N246 million [N246,196,566.00] for a contract for the purchase and supply of 2400 meters of seamless carbon steel pipe to Warri Refinery Petrochemicals Company Limited.’ But ‘the contract was not never executed and the items were not supplied.’”
“The NNPCL ‘failed to deduct over N46 million [N46,244,033.79] as taxes from a consultancy contract in December 2020 and 2021.’ The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid N200 million [N200,000,000.00] as settlement for tax renegotiation.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘failed to remit over N12 billion [N12,721,000,000.00] into the general reserve fund its operating surplus for December 2020.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘irregularly paid N152 million [N152,000,000.00] to a company to execute a procurement contract requested from the Office of the Inspector-General of Police’, but ‘without any documents.’”
“The NNPCL ‘irregularly paid N25,000,000.00 as additional consultancy fee on a contract for accounting support.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.
’”
“The NNPCL ‘paid over USD$12 million [$12,444,313.22] to a contractor to buy and instal new diesel generation set at Mosimi Depot.’ But there is no evidence that the project has been fully executed ‘despite the fact that the contract specified that the project awarded in 2020 should be completed within 15 months.’”
“The NNPCL ‘irregularly paid over N145 million [N145,933,833.00] for a contract for the operation and maintenance of Electro-Mechanical Facilities in the NNPC Towers. The ‘contract was automatically renewed on yearly basis without creating room for a fresh contract where other consultants would be given an opportunity of being considered’. The Auditor-General wants the money accounted for.”
“The NNPCL ‘paid 13 contractors over N1 billion [N1,212,192,409.97] for various works between 2020 and 2021’, but ‘there is no evidence of any work done by the contractors as there were no supporting documents.’”
No date has been fixed for the hearing of the suit.
