The Socio-Economic Rights and Accountability Project – SERAP has filed a lawsuit against the Nigerian National Petroleum Company Limited – NNPCL over the failure to account for and explain the whereabouts of the alleged missing 500 billion naira, which the NNPCL failed to remit to the Federation Account between October 2024 and December 2024.

The suit followed the recent allegations by the World Bank that out of the 1.1 trillion naira revenue from crude sales and other income in 2024, the NNPCL only remitted 600 billion naira, leaving a deficit of 500 billion unaccounted for.

SERAP is also asking the court to direct and compel the NNPCL to identify those suspected to be responsible for the alleged missing oil funds, surcharge them for the full amount involved, and hand them over to appropriate anticorruption agencies for investigation and prosecution.