SERAP has filed a lawsuit against the NNPCL for allegedly failing to remit N500 billion in oil revenue to the Federation Account between October and December 2024. Filed at the Federal High Court in Lagos, the suit seeks to compel NNPCL to account for the missing funds, involve anti-corruption agencies in the investigation, recover the money, and identify and prosecute those responsible. SERAP also challenges NNPCL’s claim that the Freedom of Information Act does not apply to it.In its lawsuit, SERAP argues that NNPCL is legally obligated to uphold the Constitution, the Freedom of Information Act, and international anti-corruption standards.
It claims the unremitted N500 billion has worsened Nigeria’s economic crisis and debt burden, highlighting a broader failure of accountability within NNPCL. SERAP also cites a recent Supreme Court ruling affirming that the FOI Act applies to all public records, including those held by NNPCL.In May 2025, SERAP urged NNPCL CEO Bayo Bashir Ojulari to explain the alleged missing N500 billion oil revenue, identify those responsible, and refer the matter to the ICPC and EFCC. In a May 17 FOI request, SERAP stressed the public’s right to know the status of the funds and insisted that Nigeria’s oil wealth must benefit all citizens. It also accused NNPCL of denying states and local governments their rightful allocations.
The World Bank reports that NNPCL earned N1.1 trillion from crude sales and other income in 2024 but remitted only N600 billion, leaving a N500 billion shortfall. The IMF urged the government to reflect subsidy removal savings in the budget. In 2023, President Tinubu was praised for removing petrol subsidies, which tripled fuel prices but was expected to save billions annually.
