SERAP Sues NNPC Over Failure to Account for ‘Missing’ $2.04bn, N164bn Oil Revenues

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 and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.

The suit followed the allegations documented in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that the money may have been diverted.

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Anambra poll: Observers, CSOs applaud INEC’s transparency, commend Amupitan’s leadership …praise security agencies for professionalism amid violence-free exercise International observers and civil society organisations have lauded the Independent National Electoral Commission (INEC) for the transparent, efficient, and peaceful conduct of the ongoing Anambra State Governorship Election, describing it as very orderly and credible polls. Reports from accredited observer groups, monitored in the INEC Situation Room by the Chief Press Secretary to the INEC Chairman, Mr Dayo Oketola, indicated smooth operations, improved voter turnout compared to 2021, and a calm atmosphere across polling units. Both local and international monitors commended INEC’s logistical coordination and effective deployment of technology under the leadership of its Chairman, Professor Joash Ojo Amupitan, SAN. Ambassador Dr. Emmanuel Nkweke of the International Association of World Peace Advocates, one of the accredited international observer groups, praised INEC’s preparedness and professionalism, noting that voting materials, BVAS deployment, and the presence of security agencies were “exceptionally well coordinated.” “The process has been peaceful and well-managed. Accreditation is smooth, BVAS is functioning as expected, and INEC officials are courteous and efficient,” Dr. Nkweke said while monitoring polling units in Awka. He also lauded the conduct of security agencies, saying, “The environment is calm and secure. We observed up to seven police officers at some units, and their conduct has been exemplary. The collaboration among the security agencies deserves commendation.” On allegations of vote buying, he noted, “We have not seen anything like that in the areas observed. As international observers, we report what we see, not rumours. So far, this election has been peaceful and credible.” CSOs commend INEC, praise early deployment and peaceful conduct Civil society organisations have also commended INEC for what they described as a transparent, well-coordinated, and timely process. Ms. Cynthia Mbamalu, Director of Programmes at Yiaga Africa, applauded the early arrival of materials and personnel, noting that voting commenced on schedule. “Our observers were up early in the morning to monitor arrival times, and we saw that materials and INEC officials arrived as early as 7:34 a.m. in Amawbia, Awka South,” she said. “Commencement of voting by 8:30 a.m., as stipulated by the Electoral Act, shows a high level of readiness and efficiency by INEC.” Mbamalu described the early deployment as a “positive sign of transparent elections,” adding that Yiaga Africa prioritised the early start of polling as a key benchmark of credibility. Similarly, Hon. Dominic Okafor, who represents Aguata Federal Constituency, commended both INEC and voters for the smooth and peaceful conduct of the election after casting his vote at Polling Unit 004, Umuechefu Hall, Igboukwu. “I must commend the INEC Chairman and his team. The officials arrived on time, the BVAS is functioning properly, and the process has been seamless so far,” he said. “Voters are conducting themselves peacefully and participation is impressive.” Also speaking to newsmen, Shedrack Azubuike, Chairman of Orumba South Local Government Area, praised INEC officials for their professionalism and efficient handling of materials and personnel. “The election is peaceful and well-organised. The officials are efficient, and the people are turning out responsibly to exercise their civic duties. This is how democracy should work,” he said. While speaking to Channels Television, Jake Epelle, Founder of TAF Africa, affirmed that the overall security atmosphere in the state was calm, describing Anambra people as peace-loving and self-protective. “The security situation is not something to worry about. Everyone wants to ensure they don’t shed their own blood, so they find ways to secure themselves,” Epelle said, urging citizens to overcome apathy and participate fully in the process. Record PVC collection demonstrates INEC’s preparedness Observers have linked the smooth conduct of the election to INEC’s extensive pre-election preparations. The Commission achieved a record 98.8% Permanent Voter Card (PVC) collection rate, reflecting exceptional voter readiness and growing public confidence in the electoral process. Out of 2,802,790 registered voters, an impressive 2,769,137 collected their PVCs, a feat made possible by decentralised, community-level distribution and a five-day extension from October 29 to November 2, 2025. In many locations, including Ugbene (Awka North), Alor I, Bridge Head II, Ogbunike I & II, and Umunya I & II, INEC recorded 100% collection rates. Rural and riverine communities such as Ayamelum and Anambra West also achieved over 99% despite difficult terrain. Observers noted that the figures demonstrated INEC’s administrative efficiency and growing trust under Prof. Amupitan’s leadership. Renewed confidence in INEC’s leadership INEC Chairman, Professor Joash Ojo Amupitan, SAN, reaffirmed the Commission’s unwavering commitment to credible and inclusive elections, expressing satisfaction with the peaceful atmosphere across the state. “Our duty is to the Nigerian people. INEC is committed to ensuring that every valid vote counts and that the process remains credible, transparent, and peaceful,” the Chairman said. With reports of seamless operations, strong security coordination, and near-total PVC collection, both domestic and international observers have described the Anambra Governorship Election as a milestone in Nigeria’s democratic journey and a clear testament to the renewed confidence in INEC’s leadership and electoral integrity. E-Signed: Mr. Dayo Oketola Chief Press Secretary to the Hon. Chairman, Independent National Electoral Commission.

In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in report by the Auditor-General.

SERAP is seeking an order of mandamus to compel the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.

SERAP is also seeking an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account.

In the suit, SERAP is arguing that there is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.

SERAP is arguing that the missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.

SERAP is also arguing that without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.

According to SERAP, the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, read in part: “The alleged missing 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.

“The failure by the NNPC to account for and explain the whereabouts of the disappeared money is a grave violation of the provisions of the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.

“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights of Nigerians, such as increased spending on public goods and services.

“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.

“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the NNPC failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.

“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.

“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.

“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.

“The NNPCL also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.

“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.

“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.

“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.

“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.

“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.

“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.”

No date has been fixed for the hearing of the suit.