Absorbing NNPCL for the failure to calculate ‘lost N500BN oil oil’

The Socio-Economic and Accountability Project (SERAP) has filed a lawsuit against the Nigerian Petroleum Company (NNPC) Nigerian Limited for “Failure to explain and explain the existence of the alleged N500 billion lost, which NNPCL failed to send to a federation account between October 2024 and December 2024.” “.”

The lawsuit followed the new accusation by the World Bank that from the revenue of N1.1Trn from rough sales and other income in 2024, NNPCL only sent the N600BN, leaving the countless N500BN deficit.

Responding to the request of Freedom of Information (FOI) absorbing, NNPCL has claimed through lawyers Afe Babalola and Co that the FOI law does not apply to that.

But in the FHC/L/MSC/553/2025 lawsuit number, it was submitted last Friday at the Federal High Court in Lagos, absorbing: “Mandamus ordered to direct and force NNPCL to take into account the alleged N500 billion, which allegedly failed to send to a federation account between October 2024 and December 202.” December. 202. “December. 202.” December. 202. “December.

Absorbing also asked the court to “direct and force NNPCL to invite the right anti -corruption institution to investigate the expenditure and existence of the N500 billion and to ensure fast recovery and send money to the federation account.”

Absorbing also asked the court to “direct and force NNPCL to identify those suspected of being responsible for alleged lost oil funds, collecting them for the full amount involved, and handed it over to the right anti -corruption institutions for investigation and prosecution.”

In the lawsuit, absorbing argues that: “NNPCL has the responsibility to comply with the 1999 Nigerian Constitution [as amended]Laws on freedom of information, and international human rights and anti -corruption obligations in the implementation of their legal functions. “

Absorbing also argues that, “lost oil revenue has damaged the precarious economy in the country and contributes to the level of high deficit expenditure by the government and the debt crisis that paralyzes the country.”

Absorbing that, “Lost oil income reflects the failure of NNPCL accountability in more generally and directly related to the institution’s sustainable failure to uphold the principles of transparency and accountability.”

Also read: Absorption Urges New NNPC CEOs, Ojulari, to invite EFCC, ICPC to investigate the missing N500BN

Absorbing also argues that, “The Supreme Court in the new innovative decision stated that the law of freedom of information ‘applies and applies to public records in federation’, including those stored by NNPCL.”

The lawsuit filed in the name of absorption by his lawyer, Kolawole Oluwadare, MS Oluwakemi Oni, and MS Valentina Adegoke, read in part: “Nigeria continues to bear the burden of this lost public fund from NNPCL intended for the country’s economic development.

“There is a valid public interest in providing details sought. NNPC has the legal responsibility to explain and explain the existence of lost oil money.

“The country’s oil wealth must be used solely for the interests of the people of Nigeria, and for the current generation and future.

“Without full recovery and sending money from missing N500 billion oil revenues, the terrible economic situation might worsen and Nigeria will continue to be rejected access to basic public goods and services.

“Nigerians have the right to find out why NNPCL fails to send savings on the removal of subsidies to the federation account, and why NNPCL deliberately denies the state and local government their allocation from the account, contrary to the provisions of the Nigerian constitution.

“The failure of NNPCL to send money to a federation account is a major violation of public trust and the provisions of the Nigerian constitution, national anti -corruption laws, and the country’s anti -corruption obligations.

“Apart from the huge wealth of oil in the country, nigerians have ordinary nigerians have gained little benefit from oil money mainly because of large corruption, and the culture of the rooted perpetrators.

“Fighting the corruption epidemic in the oil sector will reduce poverty, increase Nigerian access to basic public goods and services, and improve the government’s ability to fulfill human rights and anti-corruption obligations.”

No date set for the lawsuit session.