In a country where oil should mean wealth for all, the question remains: where does the money go? The Socio-Economic Rights and Accountability Project (SERAP) is suing the Nigerian National Petroleum Company Limited (NNPCL) for allegedly failing to remit ₦500 billion of oil revenue to the Federation Account, raising fresh concerns about accountability in Nigeria’s richest sector.
SERAP’s legal move challenges NNPCL to fully disclose why ₦500 billion in late 2024 oil revenue was not remitted, spotlighting ongoing issues of financial transparency in Nigeria’s oil sector.
- SERAP has taken NNPCL to court over unremitted oil revenue totalling ₦500bn.
- The World Bank reported that only ₦600bn out of ₦1.1 trillion was remitted by NNPCL in late 2024.
- NNPCL claimed the Freedom of Information (FoI) Act does not apply to it.
- SERAP seeks a court order compelling transparency on oil earnings.
- The case highlights ongoing worries about mismanagement in Nigeria’s oil sector.
The lawsuit pushes for overdue transparency in oil revenue, reminding Nigerians that national wealth must not go unaccounted.
