Business
SERAP Sues NNPC Ltd Over Missing N22.3bn, $49.7m, £14.3m, €5.2m Oil Money
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPC Ltd) over the “failure to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
The suit followed the damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.
In the suit number FHC/ABJ/CS/195/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million, and €5.2 million oil money.”
The SERAP is asking the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
In the suit, SERAP is arguing that: “The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
The SERAP is also arguing that, “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”
The SERAP said, “The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
According to the SERAP, “The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians.”
The SERAP is also arguing that, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
The lawsuit filed on behalf of the SERAP by its lawyers, Oluwakemi Agunbiade and Valentina Adegoke, read in part: “The diverted or misappropriated oil revenues have further damaged the already precarious economy and contributed to very high levels of deficit spending and borrowing by the government.”
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
“The grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s international human rights and anticorruption obligations.”
“According to the 2022 audited report by the Auditor General of the Federation, published on 9 September 2025, the Nigerian National Petroleum Corporation Limited (NNPCL) failed to account for over N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money.”
“The NNPCL in 2020 reportedly paid over N292 million [N292,609,972.29] ‘for a contract to construct an Accident and Emergency Facility along Airport Road, Abuja.’ But ‘the contractor has abandoned the contract, and failed to execute the job, despite collecting the fee.’”
“The Auditor-General fears the contract money may have been ‘diverted’. He wants the money ‘recovered from the contractor and remitted to the treasury.’”
“The NNPCL in 2021 also reportedly spent over GBP£14 million [£14,322,426.59] ‘to repair its London office.’ But ‘there was no evidence to show that the money was actually spent, and no documents of any spending’.”
“The NNPCL also ‘irregularly paid’ over USD$22 million [$22,842,938.28] to a contractor for lifting 9 cargoes of crude oil.’ The NNPCL ‘failed to explain why the amount due to it from crude from January to October 2019 was only $4,858,997.22 and why the contractor got over $22 million for crude for the same period.’”
“The NNPCL in 2021 ‘irregularly paid N2.3 billion [N2,379,488,622.99] as car cash option to 100 staff’ but ‘without the approval of the National Salaries, Incomes and Wages Commission’, and ‘without any document to show that the 100 staff applied for the cash options and any rationale for the payments.’”
“The NNPCL in 2021 also reportedly ‘failed to deduct statutory taxes of over N247 million [N247,181,597.92] from payments made to contractors and service providers.’ The NNPCL also ‘failed to deduct statutory taxes of over USD$529,000 [$529,863.24] from payments made to contractors and service providers.’”
“The NNPCL ‘paid over N3bn [N3,445,022,107.40] for various services’ but ‘without any documents or trace’. The Auditor-General fears ‘the money may have diverted’.”
“The NNPCL ‘irregularly renewed a contract for over USD$1 million [$1,801,500.00] for charter hire of coastal vessel.’ The money was paid ‘before the consummation of a formal contract ratification.’”
“The NNPCL also ‘irregularly paid a contractor over N355 million [N355,436,310.42] as consultancy fees for negotiating and securing waiver to avoid demurrage on abandoned cargoes.’”
“The NNPCL ‘paid over N474 million [N474,462,744.53] to a contractor for the connection of Kaduna Refining and Petrochemical Company Limited to the National Grid.’ The Auditor-General is concerned ‘the money may have been lost’.”
“The NNPCL ‘paid over USD$2 million [$2,006,293.20] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’. The NNPCL also ‘paid over N478 million [N478,505,300.00] to a contractor for the rehabilitation and upgrade of system-depot project’, but ‘without any documents’.”
“The NNPCL in 2019 ‘awarded a contract for over USD$8 million [$8, 211,432.00] ‘for the emergency procurement and installation of custody transfer meters on crude oil and product pipelines at eleven locations.’ The Auditor-General fears that ‘the payments may be for work not executed.’”
“The NNPCL ‘irregularly paid over €5 million [€5,165,426.26] to a contractor for the operation and maintenance of Atlas Cove Jetty Facility’ but ‘without any documents.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid over USD$1 million [$1,035,132.81] as legacy debt for charter hire of coastal vessels to a company without power of attorney.’ The Auditor-General fears that ‘the money may have been diverted’.’”
“The NNPCL ‘inflated a contract for over USD$1 million [$1,926,497.38] to hire a Time Charter for Carriage of Petroleum Products.’ The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘paid $156,000.00 to a consultant as outstanding fee for advising on the financing of the rehabilitation of PHRC’, but ‘the payment is doubtful’’. The Auditor-General fears that ‘the money may have been diverted’.”
“The NNPCL ‘failed to deduct USD$8,355.18 as taxes from the payment of outstanding fees to a consultant for advising on the financing of the rehabilitation of PHRC.’”
“The NNPCL ‘irregularly paid over N82 million [N82,647,151.00] to a consultant for geotechnical/geophysical investigations of the proposed Independent Power Plant Project site.’ But ‘there was no document showing any evidence of payment’. The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘paid over N246 million [N246,196,566.00] for a contract for the purchase and supply of 2400 meters of seamless carbon steel pipe to Warri Refinery Petrochemicals Company Limited.’ But ‘the contract was not never executed and the items were not supplied.’”
“The NNPCL ‘failed to deduct over N46 million [N46,244,033.79] as taxes from a consultancy contract in December 2020 and 2021.’ The Auditor-General wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘irregularly paid N200 million [N200,000,000.00] as settlement for tax renegotiation.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘failed to remit over N12 billion [N12,721,000,000.00] into the general reserve fund its operating surplus for December 2020.’ The Auditor-General fears that ‘the money may have been diverted.’”
“The NNPCL ‘irregularly paid N152 million [N152,000,000.00] to a company to execute a procurement contract requested from the Office of the Inspector-General of Police’, but ‘without any documents.’”
“The NNPCL ‘irregularly paid N25,000,000.00 as additional consultancy fee on a contract for accounting support.’ The Auditor-General fears that ‘the money may have been diverted.’ He wants ‘the money recovered and remitted to the treasury.’”
“The NNPCL ‘paid over USD$12 million [$12,444,313.22] to a contractor to buy and instal new diesel generation set at Mosimi Depot.’ But there is no evidence that the project has been fully executed ‘despite the fact that the contract specified that the project awarded in 2020 should be completed within 15 months.’”
“The NNPCL ‘irregularly paid over N145 million [N145,933,833.00] for a contract for the operation and maintenance of Electro-Mechanical Facilities in the NNPC Towers. The ‘contract was automatically renewed on yearly basis without creating room for a fresh contract where other consultants would be given an opportunity of being considered’. The Auditor-General wants the money accounted for.”
“The NNPCL ‘paid 13 contractors over N1 billion [N1,212,192,409.97] for various works between 2020 and 2021’, but ‘there is no evidence of any work done by the contractors as there were no supporting documents.’”
No date has been fixed for the hearing of the suit.
Business
Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser
President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.
Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.
The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.
Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.
“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.
The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.
Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.
President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.
She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.
A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.
According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.
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Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.
The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.
The federal government has applauded the timeliness of Lee Engineering & Construction Company Limited, the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders handling the Escravos-Lagos Pipeline System (ELPS) Midline Compressor Project.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gave the commendation during an inspection tour of the ELPS Midline Compressor Stations at Ologbo and Okada in Edo State, where he expressed satisfaction with the pace of work and urged all parties to sustain the momentum towards the successful completion and commissioning of the facilities.
Ekpo, who was accompanied by the Executive Vice President, Gas, Power and New Energy at NNPC Limited, Olalekan Ogunleye, and the Chairman of Lee Engineering & Construction Company Limited, Chief Leemon Ikpea, said the project remained central to the federal government’s drive to expand critical gas infrastructure and deepen domestic gas utilisation.
On his X handle yesterday, the minister stressed that strategic investments in gas transportation infrastructure were essential to unlocking economic growth, improving energy security and supporting Nigeria’s industrialisation agenda,
“Ekpo expressed satisfaction with the progress recorded and commended NNPC Limited, Lee Engineering and all project stakeholders for maintaining the project’s delivery timeline. He urged them to sustain the current momentum to ensure the successful completion and commissioning of the facilities as scheduled.
“The minister reaffirmed the federal government’s unwavering commitment to expanding Nigeria’s gas infrastructure, noting that strategic investments in gas transportation infrastructure are critical to unlocking economic growth, enhancing energy security and deepening domestic gas utilisation,” he said.
According to the minister, the completion of the ELPS Midline Compressor Stations will significantly increase gas pressure along the Escravos-Lagos Pipeline System, thereby boosting the volume of gas transported to industries, commercial users and power generation plants across Lagos and other parts of western Nigeria.
He noted that the project would improve the reliability of gas supply to critical sectors of the economy while supporting the government’s objective of ensuring adequate gas availability for domestic consumption.
Ekpo reiterated his belief in those handling the project despite its technical complexity, urging them to sustain the current pace until the facilities are completed and commissioned.
The minister highlighted the federal government’s commitment to expanding Nigeria’s gas infrastructure, describing it as a key pillar for achieving sustainable economic growth and strengthening the country’s energy security.
The ELPS Midline Compressor Project is one of the major upgrades to Nigeria’s domestic gas transmission network as efforts intensify to complete one of Nigeria’s most strategic gas infrastructure projects.
With the ELPS II expansion doubling the pipeline’s nameplate capacity from about 1.1 billion standard cubic feet of gas per day to approximately 2.2 billion standard cubic feet per day, the installation of the midline compressor stations is expected to maximise utilisation of the existing infrastructure by increasing operating pressure along the pipeline.
The compressor project is designed to enable the existing network to transport significantly larger gas volumes without laying another transmission line.
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According to the latest progress report submitted by the Nigerian Gas Infrastructure Company (NGIC) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), construction was 92.7 per cent complete in January 2026 and reached 94.88 per cent in May 2026.
Once operational, the compressor stations are expected to improve gas delivery to thermal power plants, cement manufacturers, fertiliser producers and other major industrial consumers that depend on the ELPS for their energy needs.
A new round of escalating strikes between Iran and the US continued yesterday, further undermining the fragile interim peace agreement between the two countries, and prompting President Donald Trump to threaten violence that would ensure Iran “will no longer exist”.
On Sunday, Tehran launched drone and missile attacks against Bahrain and Kuwait after new US strikes on sites in southern Iran, and threatened a “complete halt” to negotiations to end the war, the UK Guardian reported.
Trump said that a moment might come soon when he abandoned talks and the US would “militarily finish the job”. The US president posted on social media: “If that happens, the Islamic Republic of Iran will no longer exist!”
Kuwait, which hosts a major US army base, said it had intercepted two ballistic missiles and that there were no reports of injuries or damage, while Bahrain’s interior ministry said the Iranian strikes had damaged a residential building near the international airport and that no one had been killed.
Qatar’s interior ministry said one Qatari national had been killed and second person injured by shrapnel from “military operations in the area”. The two were on a boat that went missing on Saturday and was located early on Sunday.
The latest violence has been triggered by efforts to reopen the strait of Hormuz to all shipping without Iran’s direct oversight. The strategically critical waterway, which carried a fifth of the world’s oil and liquid gas supplies before the war, has long been considered an international passageway.
US Central Command said in a statement that its strikes were “in direct response to continued Iranian aggression against commercial shipping” and had targeted Iranian military surveillance, communications, air defence, drone storage and mine-laying facilities.
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Washington has been promoting a southern lane along the coast of Oman, while Tehran, which ultimately aims to charge fees for use of the strait, wants ships to use a northern route through its waters and under its control.
Hundreds of vessels, including tankers laden with oil, have been blockaded inside the Gulf by the closure of the strait since war broke out. Some have chanced the passage through the past two weeks, leading oil prices to drop to close to pre-war levels and bringing relief to economies around the world.
The US military accused Iran of violating the ceasefire on Saturday by attacking the Panama-flagged tanker Kiku, which carried crude oil for the state-run energy company of Qatar. According to ship-tracking websites, the Kiku appeared to be attempting to use the southern corridor near the coast of Oman.
Abbas Araghchi, Iran’s foreign minister, restated Tehran’s claim to sole control of the waterway during a state visit to Iraq on Sunday. He said in Baghdad: “Any interference in this matter, any attempt to establish new or separate arrangements from those currently being carried out by the Islamic Republic of Iran, will only lead to further complications, delay the reopening of the strait of Hormuz, and increase the level of tension.”
Observers say Iran is using its ability to threaten shipping in the strait not just as leverage in negotiations with the US, but to intimidate neighbouring countries and establish a more dominant role in the region, the Guardian report stated.
Aragchi also called for the establishment of a security framework with Gulf countries that would exclude the US. He said: “We should reach a new framework that includes all countries in the region and without the presence or interference of any country from outside the region.”
Mediators from Qatar and Pakistan successfully brought representatives of Washington and Tehran together in Switzerland earlier this month but have been unable to bridge wide gaps on contentious issues such as the future of the strait of Hormuz, sanctions relief for Tehran, and the future of Iran’s nuclear programme. Under the memorandum of understanding signed earlier this month, the two countries have 60 days to work out the details before signing a final agreement.
Leaders in Tehran and Washington face domestic political pressures to avoid a return to conflict and appear committed to a ceasefire for now, despite frequent bellicose rhetoric.
The Islamic Revolutionary Guard Corps claimed responsibility for both new attacks on Sunday. It said: “Let the enemy know that violating the ceasefire … will lead to a complete halt of ongoing processes.”
The IRGC, which controls Iran’s ballistic missile arsenal, has gained influence in Iran in recent months. Its navy command said American bases in the region would “experience hell in the coming days”.
Agency Report (more…)
Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser
FG Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing – Oyedele
ELPS Project: FG Applauds Lee Engineering, NNPC Ltd, Others
World on Edge as Fresh US-Iran Strikes Strain Fragile Interim Peace Deal
Local Refiner Resort to Libya for Crude Oil Supplies
FG Wades into Fuel Profiteering
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
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