The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to explain the alleged disappearance of N825 billion and $2.5 billion earmarked for refinery rehabilitation and other oil-related revenues.
The suit follows the release of the 2021 audited report by the Auditor-General of the Federation, published on November 27, 2024, which raised serious concerns about financial mismanagement and opacity within the national oil company.
SERAP’s legal action seeks to compel NNPCL to publicly account for the missing funds and provide clarity on how resources intended for refinery rehabilitation were used.
The controversy gained fresh momentum last week when Aliko Dangote, President of the Dangote Group, stated that NNPCL refineries may “never work again” despite over $18 billion spent on their repair over the years.
Further scrutiny has trailed NNPCL after reports emerged of a controversial exotic retreat by top officials in Kigali, Rwanda, sparking public outrage over lavish spending amid national hardship.
In response, NNPCL Chairman, Mr. Kida Musa, pledged greater transparency and accountability, calling for public support to allow the company’s leadership—headed by Group Chief Executive Officer (GCEO), Mr. Bayo Ojulari—to deliver on its mandate.
“We are committed to being extremely transparent with Nigerians,” Musa said. “We urge citizens to support, not hound, the management as we work to restore trust and deliver value.”
Analysts say the SERAP lawsuit may mark a turning point in public sector accountability, especially in Nigeria’s oil and gas industry, which has long been plagued by corruption, inefficiencies, and non-functional infrastructure.
