The Socio‑Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited, accusing the oil firm of failing to account for billions of naira and foreign currency revenue allegedly missing or diverted from the nation’s oil earnings.

The suit stems from findings documented in the 2022 audited report of the Auditor‑General of the Federation, which was published on September 9, 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.”

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.”

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.”

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 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 this missing oil money meant to provide essential public services for Nigerians.”

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 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 ₦22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money.”

“The NNPCL in 2020 reportedly paid over ₦292 million [₦292,609,972.29] ‘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 ₦2.3 billion [₦2,379,488,622.99] 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 ₦247 million [₦247,181,597.92] 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 ₦3bn [₦3,445,022,107.40] 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 a waiver to avoid demurrage on abandoned cargoes.’”

“The NNPCL paid over ₦474 million [₦474,462,744.53] 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 ₦478 million [₦478,505,300.00] 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 ₦82 million [₦82,647,151.00] 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 ₦246 million [₦246,196,566.00] 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 ₦46 million [₦46,244,033.79] 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 ₦200 million [₦200,000,000.00] as settlement for tax renegotiation.’ The Auditor-General fears that ‘the money may have been diverted.’”

“The NNPCL ‘failed to remit over ₦12 billion [₦12,721,000,000.00] 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 ₦152 million [₦152,000,000.00] 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 ₦25,000,000.00 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 install 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 a yearly basis without creating room for a fresh contract, where other consultants would be given an opportunity to be considered. The Auditor-General wants the money accounted for.”

“The NNPCL ‘paid 13 contractors over ₦1 billion [₦1,212,192,409.97] 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.

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Nigeria has been listed as the sixth-largest contributor to projected global real GDP growth in 2026, according to the latest figures released by the International Monetary Fund (IMF), marking a significant endorsement of Africa’s biggest economy.

Data from the IMF’s newly published World Economic Outlook indicate that Nigeria is expected to account for about 1.5 per cent of total global real GDP expansion next year. This positions the country ahead of several advanced and emerging economies and underlines its growing role in shaping worldwide economic performance.

The report highlights that emerging markets will be the main engines of global growth in 2026, as many developed economies continue to grapple with sluggish expansion, elevated interest rates, and lingering post-pandemic pressures.

Experts attribute Nigeria’s ranking to a mix of demographic momentum, increased productivity in key non-oil sectors, and gradual economic reforms aimed at restoring stability. Although Nigeria’s growth rate may appear moderate compared to some peers, analysts note that the size of its economy means even small improvements have a sizable effect on global output.

IMF data place Nigeria among a select group of countries projected to have a notable influence on global economic trends in 2026, reflecting its rising relevance beyond the African continent.

Recent gains in telecommunications, agriculture, financial services, and the creative industry, combined with efforts to boost oil output and enhance foreign exchange market operations, have helped strengthen economic activity. These advances have partly countered persistent challenges, including high inflation, currency fluctuations, and infrastructure deficits.

However, the IMF and local economists caution that maintaining this positive trajectory will require steady policy execution, higher productivity, and strategies that convert macroeconomic growth into tangible improvements in living standards.

Despite these caveats, the sixth-place ranking is being hailed as a positive signal to investors and development partners, many of whom view Nigeria’s youthful population and vast consumer base as major long-term advantages.

As global growth increasingly tilts toward emerging economies, Nigeria’s projected contribution in 2026 reinforces its standing as a key economy to watch, both within Africa and on the global stage.

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In a surprising twist on global economic rankings, Nigeria has been cited among the top 10 countries contributing to global real GDP growth this year, prompting a reaction from billionaire tech magnate Elon Musk.

Data attributed to the International Monetary Fund (IMF) for 2026 shows China and India leading global real GDP expansion, with China’s contribution estimated at roughly 26.6% and
India’s at 17.0%. Nigeria, together with other emerging economies such as Brazil and Indonesia, was listed as accounting for around 1.5 % of global growth, placing it in the top 10 contributors globally.

The ranking highlights the shifting dynamics of the world economy, as growth increasingly comes from large developing nations rather than traditional Western economic powerhouses.

Reacting to these figures on social media, Musk underscored the broader theme of changing global economic power. “The balance of power is changing,” he wrote in a brief post, linking to IMF data that emphasised the outsized roles of China and India in driving global growth — while also indirectly drawing attention to the rising contributions of other emerging markets.

Market commentators and analysts say the inclusion of Nigeria reflects both demographic momentum — Africa’s most populous nation — and a rebound in several key sectors, including telecommunications, real estate, and trade. The news has been met with enthusiasm by some observers in Nigeria, who see it as validation of long-term economic reforms and diversification efforts.

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