The Socio-Economic Rights and Accountability Project has taken the Nigerian National Petroleum Company Limited to court over its failure to explain the alleged disappearance of N825 billion and $2.5 billion meant for refinery repairs and other oil revenues.
SERAP filed the case at the Federal High Court in Lagos following the 2021 audited report by the Auditor-General of the Federation which flagged the missing funds. The report was published in November 2024.
In the suit marked FHC/L/MISC/722/25, SERAP is asking the court to compel NNPCL to explain where the money went and recover the missing funds for the Federation account.
The rights group said the missing money has worsened poverty and trapped Nigerians in hardship while the government keeps borrowing to fund deficits.
SERAP said, “Nigerians have seen little benefit from their country’s oil wealth while NNPCL continues to fail to explain the billions of dollars needed to repair or replace the country’s dead refineries.”
Meanwhile, business tycoon Aliko Dangote recently said NNPCL’s refineries may never work again despite the $18 billion already spent on them.
The suit was filed by SERAP’s lawyers Kolawole Oluwadare, Oluwakemi Oni, and Valentina Adegoke. The court is yet to fix a date for hearing.
