SERAP Sues NNPCL Over Unaccounted N825bn, $2.5bn Meant for Refinery Repairs
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to account for a reported N825 billion and $2.5 billion allegedly allocated for refinery rehabilitation.
The legal action, lodged at the Federal High Court in Lagos under suit number FHC/L/MISC/722/25, stems from findings in the 2021 audited report by the Auditor-General of the Federation, published on 27 November 2024. The report raised serious concerns over unaccounted funds earmarked for refinery repairs and other oil revenue expenditures.
SERAP is seeking an order of mandamus to direct and compel the NNPCL to account for and explain the whereabouts of the alleged missing 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.
In the suit, SERAP contends that the allegations represent a serious breach of public trust and a violation of both the Nigerian Constitution and anti-corruption laws, as well as the country’s international obligations.
“The grim allegations by the Auditor-General and Mr Aliko Dangote suggest a grave violation of the public trust,” SERAP stated, referencing a recent comment by the Dangote Group president that the country’s refineries may never work again, despite over $18 billion reportedly spent on them.
SERAP argues that holding the NNPCL accountable would serve as a deterrent to impunity and ensure that any missing funds are recovered for the benefit of Nigerians. The group also emphasised the broader implications of the alleged mismanagement, noting its impact on economic development, rising government deficits, and worsening poverty levels.
According to the Auditor-General’s report, over N82.9 billion was unaccounted for from crude oil and gas sales between 2020 and 2021. The report raised fears that the funds may have been misappropriated.
SERAP maintains that despite Nigeria’s substantial oil wealth, most citizens have yet to benefit from it, largely due to persistent mismanagement and lack of transparency in the sector.
