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SERAP Sues NNPC Ltd Over Missing N22.3bn, $49.7m, £14.3m, €5.2m Oil Money
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPC Ltd) over the “failure to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
The suit followed the damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.
In the suit number FHC/ABJ/CS/195/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.”
The SERAP is asking the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
In the suit, SERAP is arguing that: “The diverted or misappropriated 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 SERAP is also arguing that, “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”
The SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
According to the SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
The SERAP is also arguing that, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
The lawsuit filed on behalf of the SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, read in part: “The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
“The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international human rights and anticorruption obligations.”
“According to the 2022 audited report by the Auditor General of the Federation, published on 9 September 2025, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
“The NNPCL in 2020 reportedly paid over N292 million [N292,609,972.29] ‘for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja.’ But ‘the contractor has abandoned the contract, and failed to execute the job, despite collecting the fee.’”
“The Auditor-General fears the contract money may have been ‘diverted’. He wants the money ‘recovered from the contractor and remitted to the treasury.’”
“The NNPCL in 2021 also reportedly spent over GBP£14 million [£14,322,426.59] ‘to repair its London office.’ But ‘there was no evidence to show that the money was actually spent, and no documents of any spending’.”
“The NNPCL also ‘irregularly paid’ over USD$22 million [$22,842,938.28] to a contractor for lifting 9 cargoes of crude oil.’ The NNPCL ‘failed to explain why the amount due to it from crude from January to October 2019 was only $4,858,997.22 and why the contractor got over $22 million for crude for the same period.’”
“The NNPCL in 2021 ‘irregularly paid N2.3 billion [N2,379,488,622.99] as car cash option to 100 staff’ but ‘without the approval of the National Salaries, Incomes and Wages Commission’, and ‘without any document to show that the 100 staff applied for the cash options and any rationale for the payments.’”
“The NNPCL in 2021 also reportedly ‘failed to deduct statutory taxes of over N247 million [N247,181,597.92] from payments made to contractors and service providers.’ The NNPCL also ‘failed to deduct statutory taxes of over USD$529,000 [$529,863.24] from payments made to contractors and service providers.’”
“The NNPCL ‘paid over N3bn [N3,445,022,107.40] for various services’ but ‘without any documents or trace’. The Auditor-General fears ‘the money may have diverted’.”
“The NNPCL ‘irregularly renewed a contract for over USD$1 million [$1,801,500.00] for charter hire of coastal vessel.’ The money was paid ‘before the consummation of a formal contract ratification.’”
“The NNPCL also ‘irregularly paid a contractor over N355 million [N355,436,310.42] as consultancy fees for negotiating and securing waiver to avoid demurrage on abandoned cargoes.’”
“The NNPCL ‘paid over N474 million [N474,462,744.53] to a contractor for the connection of Kaduna Refining and Petrochemical Company Limited to the National Grid.’ The Auditor-General is concerned ‘the money may have been lost’.”
“The NNPCL ‘paid over USD$2 million [$2,006,293.20] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’. The NNPCL also ‘paid over N478 million [N478,505,300.00] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’.”
“The NNPCL in 2019 ‘awarded a contract for over USD$8 million [$8, 211,432.00] ‘for the emergency procurement and installation of custody transfer meters on crude oil and product pipelines at eleven locations.’ The Auditor-General fears that ‘the payments may be for work not executed.’”
“The NNPCL ‘irregularly paid over €5 million [€5,165,426.26] to a contractor for the operation and maintenance of Atlas Cove Jetty Facility’ but ‘without any documents.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid over USD$1 million [$1,035,132.81] as legacy debt for charter hire of coastal vessels to a company without power of attorney.’ The Auditor-General fears that ‘the money may have been diverted’.’”
“The NNPCL ‘inflated a contract for over USD$1 million [$1,926,497.38] to hire a Time Charter for Carriage of Petroleum Products.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid $156,000.00 to a consultant as outstanding fee for advising on the financing of the rehabilitation of PHRC’, but ‘the payment is doubtful’’. The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘failed to deduct USD$8,355.18 as taxes from the payment of outstanding fees to a consultant for advising on the financing of the rehabilitation of PHRC.’”
“The NNPCL ‘irregularly paid over N82 million [N82,647,151.00] to a consultant for geotechnical/geophysical investigations of the proposed Independent Power Plant Project site.’ But ‘there was no document showing any evidence of payment’. The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘paid over N246 million [N246,196,566.00] for a contract for the purchase and supply of 2400 meters of seamless carbon steel pipe to Warri Refinery Petrochemicals Company Limited.’ But ‘the contract was not never executed and the items were not supplied.’”
“The NNPCL ‘failed to deduct over N46 million [N46,244,033.79] as taxes from a consultancy contract in December 2020 and 2021.’ The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid N200 million [N200,000,000.00] as settlement for tax renegotiation.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘failed to remit over N12 billion [N12,721,000,000.00] into the general reserve fund its operating surplus for December 2020.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘irregularly paid N152 million [N152,000,000.00] to a company to execute a procurement contract requested from the Office of the Inspector-General of Police’, but ‘without any documents.’”
“The NNPCL ‘irregularly paid N25,000,000.00 as additional consultancy fee on a contract for accounting support.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid over USD$12 million [$12,444,313.22] to a contractor to buy and instal new diesel generation set at Mosimi Depot.’ But there is no evidence that the project has been fully executed ‘despite the fact that the contract specified that the project awarded in 2020 should be completed within 15 months.’”
“The NNPCL ‘irregularly paid over N145 million [N145,933,833.00] for a contract for the operation and maintenance of Electro-Mechanical Facilities in the NNPC Towers. The ‘contract was automatically renewed on yearly basis without creating room for a fresh contract where other consultants would be given an opportunity of being considered’. The Auditor-General wants the money accounted for.”
“The NNPCL ‘paid 13 contractors over N1 billion [N1,212,192,409.97] for various works between 2020 and 2021’, but ‘there is no evidence of any work done by the contractors as there were no supporting documents.’”
No date has been fixed for the hearing of the suit.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Renaissance Africa Energy Company Limited, has launched a specialised 12-month capacity development programme to prepare 300 young Nigerian graduates for careers in the nation’s oil and gas industry
The NCDMB–Renaissance Oil and Gas Field Readiness Training Programme will provide participants with industry-relevant expertise in mechanical, electrical and instrumentation engineering, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner oil and gas service companies.
The programme has enrolled 300 beneficiaries, comprising 240 trainees in Lagos and 60 in Port Harcourt.
During the inauguration of the programme, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the initiative underscores the Board’s commitment to developing indigenous technical capacity, increasing Nigerian participation in the petroleum industry and supporting the country’s economic growth.
Represented by the Board’s Assistant Manager, Human Capacity Development, Tari Bufazi, Ogbe said the training would equip participants with practical experience and internationally recognised certifications needed to compete in the global energy industry.
“This is more than the commencement of a training programme. It is the beginning of a journey for young Nigerians who will acquire world-class skills in mechanical, instrumentation and electrical disciplines,” he said.
According to him, specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments in the oil and gas sector.
“Instrumentation, electrical and mechanical engineering are foundational to the survival, profitability and safety of the Nigerian oil and gas industry. This training is designed to close existing gaps and prepare participants for industry demands,” he added.
Ogbe urged the beneficiaries to seize the opportunity to develop themselves into innovators, problem-solvers and future leaders capable of driving the industry’s growth.
In the same vein, the General Manager, Nigerian Content Development at Renaissance Africa Energy Company Limited, Olarenwaju Lanre Olawuyi, reaffirmed the company’s commitment to building indigenous capabilities through sustained investments in human capital.
Represented by Funso Alabi, Olawuyi said the programme was deliberately structured to expose participants to both classroom learning and practical field experience across mechanical systems, electrical operations, instrumentation and control, software development, networking and cybersecurity.
He noted that the practical component would bridge the gap between academic knowledge and workplace expectations, enabling participants to acquire competencies increasingly sought after by employers.
“At Renaissance, we believe local content development must create real capability, strengthen indigenous expertise and empower Nigerians to lead,” he said.
He also reminded the trainees that technical competence alone would not guarantee success, stressing that professionalism, integrity, teamwork and a strong safety culture remain essential qualities in the oil and gas industry.
The Chief Executive Officer of Radial Circle, the programme’s lead training provider, Ranti Omole, disclosed that the beneficiaries emerged from a highly competitive selection process involving thousands of applicants drawn from the NCDMB database.
He said the objective of the initiative extends beyond issuing certificates, noting that the programme is designed to produce industry-ready professionals capable of making immediate contributions in operational environments.
“We are building competence and skills. By the time you complete this programme, you should be field-ready and able to fit seamlessly into industry operations,” Omole said.
He encouraged participants to remain disciplined, embrace continuous learning and leverage the opportunity to collaborate with colleagues from different parts of the country.
The operational successes of the Nigerian Navy’s sustained offensive against oil theft, illegal refining, pipeline vandalism, and militancy in the second quarter of 2026 have aided Nigeria’s crude oil production to reach 1,735 million barrels per day in June.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 1.735 million barrels per day represented 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) quota.
However, the Director of Naval Information, Capt. Abiodun Folorunsho, in a statement over the weekend, in Abuja, noted that the feat was the highest crude oil output recorded since April 2020.
According to Folorunsho, the offensive against crude oil theft, illegal refining, pipeline vandalism, militancy, and other forms of economic sabotage in the Niger Delta under Operation DELTA SENTINEL was intensified to consolidate first-quarter gains.
“Since April 2026, the Nigerian Navy has conducted over 580 intelligence-driven operations across Rivers, Bayelsa, Delta, Cross River, and Lagos State.
“These operations have resulted in the recovery of over 4.7 million litres of stolen crude oil and illegally refined petroleum products, as well as the arrest of over 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related crimes.
“It also led to the dismantling of over 48 illegal refining sites, interception of multiple vessels engaged in crude oil theft, and the destruction of criminal logistics networks supporting economic sabotage.”
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Folorunsho said that one of the major operational successes recorded was the arrest of the motor tankers – MKPODU, WESTAF, and STELIOS K, which were linked to the theft of more than 900 metric tonnes of suspected stolen crude oil.
He said it resulted in the recovery of over 708,000 litres of illegally refined products and 310,000 litres of stolen crude oil from a single illegal refining site in Ndoni, Rivers.
“It also facilitated numerous intelligence-led operations that dismantled reactivated refining sites, intercepted illicit fuel consignments and prevented criminal syndicates from restoring illegal production capacity across the Niger Delta,” he said.
According to him, coordinated riverine operations led to the deactivation of scores of illegal refining sites, reservoirs, dugout pits, storage facilities, warehouses, concealed fuel caches, pipeline connections and militant hideouts.
The director of naval information also said that the operations exposed a growing trend of criminal syndicates attempting to reactivate previously dismantled refining camps, prompting sustained follow-up operations.
He said the follow-ups prevented the regeneration of illegal refining ecosystems and progressively disrupted the economic viability of crude oil theft networks.
“The Nigerian Navy notes that these sustained operational gains coincide with the recent announcement by the NUPRC of increased crude oil production, exceeding the OPEC production quota.
“This indicates improved security around critical oil and gas infrastructure and the collective efforts of security agencies in fighting crude oil theft.
“Persistent naval presence across the Niger Delta waterways has denied economic saboteurs the freedom of action, disrupted illicit petroleum supply chains, and enhanced the integrity of critical oil and gas infrastructure,” he said.
The naval spokesperson reaffirmed the Navy’s commitment to safeguarding Nigeria’s maritime domain, protecting vital national assets, and enhancing oil production to support the Federal Government’s goal of reaching 2.5 million barrels per day by 2027.
He added that the service would continue to conduct intelligence-led operations and strengthen inter-agency cooperation to further degrade oil theft networks within the Nigerian maritime environment in line with the vision of the Chief of the Naval Staff, Vice Admiral Idi Abbas.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured investors that Nigeria will continue to strengthen its legal and regulatory framework to provide certainty for investments in the country’s energy sector, building on the Petroleum Industry Act (PIA).
Lokpobiri gave the assurance at the just-concluded Lawyers in Energy International Conference 2026 organised by the Lawyers in Energy Network in Lagos.
He added that the Federal Government was committed to building a transparent, predictable and enforceable legal environment to support the country’s energy transition and sustain investor confidence.
Lokpobiri, represented by the Director of Legal Services in the Ministry of Petroleum Resources, Terlumun Tyendezwa, said Nigeria’s energy transition must be driven by laws and regulations that provide certainty for investors while supporting the country’s climate commitments.
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He said the Federal Government was determined to shape Nigeria’s energy transition on its own terms by ensuring that the sector operates within a transparent, predictable and enforceable legal framework.
According to him, the Petroleum Industry Act (PIA) has laid a solid legal foundation for the sector, while regulators have continued to develop rules that provide greater clarity for both upstream and downstream operators.
Lokpobiri stressed that legal certainty was indispensable to investment decisions, noting that sound policies alone would not attract capital unless they were backed by effective implementation.
“The energy sector must be governed by a framework that is transparent, predictable and enforceable. What this means in practice is that there is clarity in our legal framework,” he said.
He added that investor confidence depends on certainty created by law and regulation.
The minister noted that Nigeria had already demonstrated its commitment to climate action through the Climate Change Act and the establishment of a carbon credit framework.
According to him, these initiatives provide incentives for investors and assure businesses that Nigeria remains a stable destination for long-term investments.
He warned that decisions taken today by lawmakers, regulators and legal practitioners would shape Nigeria’s energy future for generations.
Lokpobiri reaffirmed the ministry’s commitment to strengthening regulatory institutions, deepening stakeholder engagement and improving the country’s legal framework to protect investors, host communities and the public.
He urged participants at the conference to use the gathering to address difficult issues confronting the sector and contribute practical solutions for Nigeria’s energy future.
In his keynote address delivered virtually, the Secretary-General of the African Petroleum Producers’ Organisation, Farid Ghezali, said regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency had become as important as resource potential in attracting investment.
“The global energy transition has fundamentally changed how investors evaluate destinations, with regulatory stability, fiscal clarity, contract sanctity, environmental standards and policy consistency becoming as important as resource potential.
“In this new reality, geology is no longer enough,” said Ghezali, who described regulatory uncertainty as Africa’s biggest hidden tax and harmonisation as its biggest untapped incentive.
He said investors currently faced more than 50 different legal and regulatory systems across Africa’s petroleum industry, increasing transaction costs, delaying projects and diverting capital to regions with more predictable legal environments.
“Harmonisation does not remove sovereignty; it multiplies it. It turns individual efforts into continental strength,” he added.
The Chairman of the Board of Trustees of the Lawyers in Energy Network, George Etomi, said lawyers would play a decisive role in helping countries achieve their 2060 net-zero targets through stronger legal and regulatory frameworks.
“As lawyers and energy professionals, we have a vital role to play in shaping the legal and regulatory architecture that will support sustainable investment, encourage innovation, manage disputes and promote responsible energy development,” Etomi said.
Founder and Executive Secretary of the Lawyers in Energy Network, Raqueebah Oloko, said the conference examined the legal and regulatory reforms required to help African countries navigate the global energy transition without sacrificing their development priorities.
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