The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) for its alleged failure to account for N825 billion and $2.5 billion in public funds reportedly allocated for refinery rehabilitation and oil sector revenues.
The suit, filed at the Federal High Court in Lagos (Suit No. FHC/L/MISC/722/25), follows damning findings from the 2021 audited report by the Auditor-General of the Federation, which was made public on November 27, 2024.
Business mogul Aliko Dangote also recently stated that NNPCL’s refineries may never function again, despite an estimated $18 billion reportedly spent on their repairs.
SERAP is asking the court to issue an order of mandamus compelling NNPCL to disclose the whereabouts of the missing funds and to recover and remit the amounts into the Federation Account.
The organization also seeks an order compelling NNPCL to identify and hold accountable those responsible for the alleged mismanagement, surcharging them for the missing funds and handing them over to relevant anti-corruption agencies for investigation and prosecution.
“The alarming allegations by the Auditor-General and Mr. Dangote reflect a serious breach of public trust and the Nigerian Constitution, as well as national and international anti-corruption obligations,” SERAP stated in the suit.
According to SERAP, the alleged disappearance of funds has severely undermined Nigeria’s economic development, worsened poverty levels, and contributed to the government’s rising deficit spending.
The organization argued that ordinary Nigerians have seen little benefit from the country’s oil wealth while public funds meant for essential infrastructure like refineries remain unaccounted for.
Citing the Auditor-General’s findings, SERAP highlighted that NNPCL failed to account for over N82.9 billion specifically deducted from crude oil and gas sales between 2020 and 2021 for refinery rehabilitation and repair.
“The Auditor-General suspects the funds may be missing and has recommended that they be recovered and returned to the Federation Account,” the group said.
Filed by SERAP’s legal team — Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke — the suit underscores broader concerns over transparency and accountability within NNPCL.
“The missing oil revenue reflects systemic failures in NNPCL’s governance and transparency.
“Addressing this impunity is vital for justice and economic progress.” SERAP stated.
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