NNPCL Sued Over Missing ₦22.3bn, $49.7m Oil Funds by SERAP

The Nigerian National Petroleum Corporation Limited (NNPCL) is facing a lawsuit in the Federal High Court Abuja over missing oil funds amounting to ₦22.3 billion and $49.7 million. The Socio-Economic Rights and Accountability Project (SERAP) filed the lawsuit seeking a full explanation for the disappearance of these substantial public funds, which include 14.3 million euros and 5.2 million pounds.

The legal action follows revelations from the 2022 audit report by the Auditor General of the Federation, which raised concerns about unaccounted oil revenue within NNPCL. SERAP has urged the court to compel NNPCL to provide detailed transactions connected to the missing funds and to ensure the return of the diverted money.

The lawsuit aims to address corruption in the oil industry, improve transparency, and hold institutions accountable for managing national resources effectively.