SERAP sues NNPCL over failure to account for missing N825bn, $2.5bn

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over what it described as “failure to account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for ‘refinery rehabilitation’ and other oil revenues.”

This was according to a statement by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday.

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

9news Nigeria that last week, the President of Dangote Group, Aliko Dangote, said that NNPCL refineries may never work again, despite the $18 billion spent on the refineries

In the suit number FHC/L/MISC/722/25 filed last Friday at the Federal High Court in Lagos, SERAP is seeking “an order of mandamus to direct and compel the 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.”

SERAP 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.

“Direct and compel the NNPCL to identify those responsible for the missing oil money, surcharge them for the full amount involved, and hand them over to appropriate anticorruption agencies for investigation and prosecution.”

In the suit, SERAP also argued that “the grim allegations by the Auditor-General (and Mr Aliko Dangote) 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.

“Granting the reliefs sought would strike a blow against the impunity of those responsible for the missing oil money meant to repair the country’s refineries and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians. 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 vast majority of 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. The Auditor-General has, for many years, documented reports of the disappearance of public funds from the NNPCL. Nigerians continue to bear the brunt of these missing public funds meant for refinery rehabilitation.”

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, further partly read, “The missing oil revenue reflects a failure of NNPCL’s accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles. According to the recently published 2021 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N825 billion and USD$2.5 billion of public funds meant for ‘refinery rehabilitation’ and repairs, and other oil revenues.