The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to explain the whereabouts of over N825 billion and $2.5 billion meant for the rehabilitation of the country’s refineries.
The suit, filed last Friday, July 11, at the Federal High Court in Lagos and marked FHC/L/MISC/722/25, followed allegations contained in the 2021 audited report by the Auditor-General of the Federation, which was made public on November 27, 2024.
A statement by the organisation on Sunday, July 13, noted that the Auditor-General’s report raised red flags over multiple unaccounted oil revenues and unauthorised deductions linked to refinery repairs and crude sales between 2016 and 2021.
SERAP, in its suit, asked the court to compel the NNPCL to disclose the status of the missing funds, recover and remit them to the Federation Account, and hold accountable anyone found culpable.
The organisation said the case sought to strike a blow against impunity in the management of Nigeria’s oil wealth, adding that the continued failure to account for the funds violated both national laws and international obligations.
The group argued that the NNPCL’s failure to properly account for the billions meant for refineries rehabilitation reflected a breach of public trust and deepened poverty and economic instability in the country.
It also referenced recent remarks by Africa’s richest man, Aliko Dangote, who stated last week that NNPC-owned refineries might never work again, despite over $18 billion he allegedly said was spent on them.
The suit, read in part: “The Auditor-General fears the money may be missing. He wants the money recovered and remitted to the Federation Account. He also wants the NNPCL ‘to ensure that the amounts due for the Federation Account are not subjected to any deductions before remittance of net.
