SERAP sues NNPCL for failing to explain ‘missing’ N825b, $2.5b

SOCIO-ECONOMIC Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Lagos over failure to account for and explain the whereabouts of an alleged missing N825 billion and $2.5 billion meant for ‘refinery rehabilitation’ and other oil revenues.

The suit followed allegations documented in the 2021 audited report by the Auditor-General of the Federation, which was published on November 27, 2024.

Also, the President of the Dangote Group, Aliko Dangote, said last week that NNPCL refineries might never work again, despite the $18 billion spent on the refineries.

In the suit number FHC/L/MISC/722/25 filed over the weekend, SERAP is seeking an order of mandamus to direct and compel NNPCL to account for and explain the whereabouts of the alleged missing N825 billion and USD$2.5 billion of public funds meant for ‘refinery rehabilitation’ and repair.

The organisation is also asking the court to direct and compel the NNPCL to recover and remit to the Federation account the alleged missing N825 billion and USD$2.5 billion of public funds meant for refinery rehabilitation and repair.

According to SERAP, these grim allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty, and contributed to high levels of deficit spending by the government.

The organisation is also arguing that many Nigerians have seen little benefit from their country’s oil wealth, even as the NNPCL continues to fail to account for the missing billions of dollars that are desperately needed to repair or replace the country’s dysfunctional refineries.

SERAP noted that the Auditor-General has for many years documented reports of the disappearance of public funds from the NNPCL. Nigerians, it said, continue to bear the brunt of these missing public funds meant for refinery rehabilitation.

The suit was filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke. No date has been fixed for the hearing of the suit.