SERAP Takes NNPCL to Court Over Missing Funds for Refinery Repairs

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the alleged disappearance of ₦825 billion and $2.5 billion earmarked for refinery rehabilitation and other oil-related revenues. This move comes after the Auditor-General of the Federation’s 2021 audited report revealed damning allegations of financial mismanagement.

The report highlighted the lack of transparency and accountability in the use of funds allocated for refinery repairs. SERAP is seeking answers and demanding that NNPCL account for the missing funds. Aliko Dangote, president of the Dangote Group, recently expressed concerns about the viability of NNPCL refineries, stating that they may never work again despite the $18 billion spent on them.

SERAP’s lawsuit aims to hold NNPCL accountable for the alleged financial mismanagement and ensure transparency in the use of public funds. The organization is seeking a court order to compel NNPCL to provide detailed information on the use of funds allocated for refinery repairs and other oil-related revenues.

The outcome of this lawsuit could have significant implications for NNPCL and the Nigerian oil industry. If the allegations are proven true, it could lead to increased transparency and accountability in the use of public funds. It could also impact the country’s efforts to revitalize its refineries and improve the overall efficiency of the oil industry.

The lawsuit filed by SERAP highlights the need for greater transparency and accountability in Nigeria’s oil industry. As the case progresses, it will be important to monitor the developments and ensure that justice is served [1].