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.
The Government of Tanzania has reaffirmed its commitment to deepening economic cooperation with Dangote Group, expressing strong interest in attracting new investments in fertiliser production, energy and industrial infrastructure to support the country’s long-term development agenda.
Minister of State in the President’s Office responsible for Planning and Investment, Hon. Prof. Kitila A. Mkumbo, disclosed this during a visit by a Tanzanian delegation to the Dangote Petroleum Refinery and Petrochemicals in Lagos, Nigeria.
According to the Minister, the visit was aimed at following up on discussions held earlier this year between President Samia Suluhu Hassan and President and Chief Executive of Dangote Industries Limited, Aliko Dangote, regarding the expansion of Dangote Group’s investment footprint in Tanzania.
He noted that Dangote already operates Tanzania’s largest cement manufacturing plant with an investment valued at approximately $800 million, adding that the company continues to play an important role in the country’s industrial development.
“We have come here to make a follow-up on what they deliberated with our President in terms of further Dangote investments in Tanzania,” Mkumbo said.
He explained that Tanzania is particularly interested in Dangote Group’s expertise in fertiliser production and refinery operations, describing the company’s industrial capabilities as critical to supporting East Africa’s economic growth.
Beyond the proposed investments, the Minister said stronger collaboration between Tanzania and Dangote Group would further enhance economic cooperation across Africa under the African Continental Free Trade Area (AfCFTA).
ALSO READ: NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing
According to him, although African countries have maintained strong political relationships over the years, the continent must now prioritise economic integration through industrialisation.
“Africa now needs economic liberation, and that can only come through industrialisation,” he said.
Mkumbo described Dangote as Africa’s leading industrialist whose investments are increasingly extending beyond Nigeria to support development across the continent.
He added that Tanzania looks forward to working with Dangote Group as part of a broader vision of accelerating Pan-African industrialisation and strengthening regional manufacturing capacity.
The Minister also highlighted the importance of local refining capacity in improving Africa’s energy security, particularly in light of recent disruptions in global oil markets.
Referring to the impact of tensions around the Strait of Hormuz on global fuel prices, he said increased refining capacity from facilities such as the Dangote Petroleum Refinery would help cushion African economies against external shocks.
According to him, affordable and reliable energy remains one of the most important drivers of economic development, noting that expanded refining capacity across the continent would contribute significantly to lowering energy costs and improving the quality of life for millions of Africans.
The visit forms part of ongoing engagements between the Government of Tanzania and Dangote Group aimed at exploring new opportunities for strategic investment, industrial development and regional economic integration.
Atunse Healthcare Limited has launched in Lagos with a commitment to manufacture and distribute advanced regenerative biologics.
Biztellers reports that the African-led enterprise would also be training scientists and clinicians required to optimise the use of the products, so that Nigerians no longer have to leave the country for advanced medicine.
In a statement on Friday, the company averred that for a generation, the most advanced medicine available has been something Nigerians travelled for — if they could afford the journey.
ALSO READ: NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing
It was gathered that Atunse was established on the position that they should not have to, and that the capability to deliver and eventually produce such medicine belongs on the continent rather than at the end of an import chain.
The company is already treating patients across six service lines: aesthetic medicine, longevity and vitality, men’s wellness, women’s wellness, musculoskeletal support and neurological care.
It stated that “Africa imports approximately 99% of the vaccines and more than 95% of the medicines it uses, producing under 1% of its own vaccine supply. The cost of that dependency is visible in Nigeria: an estimated US$2.39 billion left the country in 2024 with citizens seeking care abroad.”
It added that “the greater cost is borne by those who cannot travel, and for whom advanced treatment has simply not been an option. Against this backdrop, the launch of Atunse Healthcare reflects a growing case for building the infrastructure, expertise and partnerships needed to strengthen Nigeria’s health sovereignty.
At the launch, the keynote speaker, Alh Aliko Dangote, President and Chief Executive Officer of the Dangote Group, represented by Fatima Aliko Dangote, Group Executive Director of Commercial Operations for Oil & Gas, Dangote Industries, pointed out that the COVID-19 pandemic demonstrated the risks of relying heavily on external sources for essential health technologies.
“COVID-19 taught us a very important lesson: dependence is a vulnerability,” he said. “For us in Africa, medical sovereignty cannot just be a slogan. It is about building the capacity to protect our people.”
He described initiatives such as Atunse as important steps towards changing Africa’s position from being predominantly a consumer of advanced medicine to becoming a producer, noting that Nigeria has the talent, entrepreneurial energy and market needed to build that capability.
He added that the future of healthcare cannot be built by government or the private sector acting alone, but through partnerships that bring together policy, investment, science, enterprise and innovation.
Atunse Healthcare Ltd. is a partnership between KweHealth, LLC of the United States, which contributes an established scientific and manufacturing platform, and Tri-State Healthcare System of Nigeria, which contributes clinical delivery and institutional depth. The company is Nigerian-domiciled and Nigerian-based.
It is building four capabilities together rather than in sequence: clinical delivery through a treatment centre in Nigeria; advanced biomanufacturing, working towards cGMP-grade production of advanced biologics in Nigeria, with a roadmap extending to vaccines and, in time, cell and gene therapies; research and clinical translation, so that discovery and evidence generation take place in Africa and African patients are participants in the science rather than only recipients of its outputs; and regulatory capability, developed in active alignment with NAFDAC on the pathway for advanced biologic products.
Local manufacturing carries a workforce consequence the company treats as central rather than incidental. Biomanufacturing, quality assurance, regulatory science and clinical research are high-skill, durable roles, and Nigeria has few of them because it has had little to practise them on.
Atunse’s position is that a country which manufactures without training its own scientists, and without governing its own standards, has substituted one dependency for another.
Lagos State Governor, Mr. Babajide Sanwo-Olu, represented by Prof. Akin Abayomi, Lagos State Commissioner for Health, at the event, emphasised the importance of building the specialist workforce needed to support the growth of advanced healthcare in Nigeria.
He said initiatives such as Atunse could help create the kind of environment capable of attracting experienced Nigerian doctors and scientists working abroad back home.
“When we start seeing initiatives like this, it starts to encourage our own experienced specialists to come back home,” Gov. Sanwo-Olu said. “This is the kind of initiative that is attractive to doctors and scientists doing great things abroad.”
He noted that regenerative medicine represents an important frontier for healthcare and stressed the need to build the institutions, skills, data infrastructure and systems required to take advantage of emerging opportunities.
“Government cannot do this alone,” he said. “We need the universities, the researchers, the healthcare providers and the private sector working together. Our role is to create the environment and the systems that allow that innovation to happen and, ultimately, improve the health of our people.”
Gov. Sanwo-Olu also highlighted the importance of data and digital infrastructure in developing a health system capable of responding to both current and future needs, noting the role of Lagos State’s Smart Health Information Platform (SHIP) in digitalising public health facilities and the opportunity for private-sector participation.
Atunse’s workforce ambition is therefore tied directly to its manufacturing and clinical ambitions. The company intends to build capability locally rather than simply establish another route for importing advanced products. The African Union has committed the continent to producing 60% of its own health products locally by 2040.
Atunse works with four investigational platforms developed and manufactured by KweHealth — AVEXO™, KH-1814™, AIOVA™ and NKIRA™. These are used only within approved regulatory and ethical frameworks and with informed consent. They are not approved for any indication, and the company makes no claim of safety or efficacy.
“For a generation, the most advanced medicine of our age has been something Africans travel for. Atunse exists to change the direction of that journey. We begin in Lagos, but what we are building is not for Lagos alone,” said Prof. Kamar T. Adeleke, President and Chairman, Atunse Healthcare Ltd.
Dr. Sola Oluwole, Chief Executive Officer, Atunse Healthcare Ltd., said the company’s ambition extends beyond keeping healthcare spending within Nigeria.
“What Nigeria loses is not only money. It is the demand, the capital and the clinical talent that need never have left. That is not a shortage of resources — it is an absence of capability. We intend to build it here: the treatment, the manufacturing, the distribution, and the people who will run all three.”
Dr. Frederick A. Kweh, Chief Science and Technology Officer, Atunse Healthcare Ltd., added: “Africa is not asking to be admitted to this field. It is joining it — as a manufacturer and as a clinical partner, working on the health problems this continent actually has.”
The launch brings together Atunse’s immediate clinical operations with its longer-term ambition to establish an African platform for advanced medicine — one that combines treatment, manufacturing, research, regulation and workforce development.
It is apparent that recent developments which threatened supply disruptions and witnessed price hikes have necessitated new policies to ensure energy security and forestall arbitrary price-fixing by operators in Nigeria.
Consequently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled draft regulations capable of prohibiting petroleum companies from fixing fuel prices, restricting product supply, sharing markets or coordinating commercial decisions capable of distorting competition across Nigeria’s midstream and downstream petroleum industry.
The proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, 2026, seek to dismantle anti-competitive conduct ranging from pump price coordination and artificial scarcity to bid rigging, customer allocation, exclusive supply arrangements and the exchange of commercially sensitive information among competitors.
ALSO READ: Nigeria Saves India’s Energy Sector with 4m Barrels of Crude
The move comes amid renewed concerns over pricing practices in the downstream petroleum sector following allegations by independent marketers in July that some major fuel importers were selling imported Premium Motor Spirit (PMS) at coordinated prices significantly above those of Nigeria’s major refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP).
This was detailed in a public notice on Thursday, made available on its official X handle.
The NMDPRA invited licensees, permit holders and other stakeholders to submit comments on the proposed regulations within 21 days, in compliance with Section 216(1) of the Petroleum Industry Act (PIA) 2021, which requires stakeholder consultation before regulations are finalised.
The notice, signed by the Authority’s Chief Executive, Rabiu A. Umar, stated that stakeholders could review the draft regulations on the Authority’s website and submit observations before the consultation period closes.
It added that a stakeholders’ consultation forum on the proposed regulations would be held on September 22, 2026, at the Authority’s headquarters in Abuja.
The notice read in part, “In compliance with Section 216(1) of the Petroleum Industry Act 2021 requiring consultation with stakeholders before the finalisation of Regulations, the Nigerian Midstream and Downstream Petroleum Regulatory Authority hereby invites licensees, permit holders and other stakeholders to make submissions within twenty-one (21) days from the date of this publication in respect of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations.”
It added, “Stakeholders are enjoined to visit the Authority’s website to review the proposed Regulations. All submissions are to be made using the format accessible on the Authority’s website and must be received not later than 21 days from the date of this notice.”
Under Part IV, titled Collusive Agreements and Anti-Competitive Coordination, the draft regulations prohibit petroleum companies from entering into formal or informal agreements designed to influence prices, allocate markets or manipulate commercial outcomes.
The draft states, “No licensee, market participant, or group of undertakings in the midstream or downstream petroleum sector shall enter into any agreement, arrangement, understanding, or concerted practice, whether formal or informal, written or oral, explicit or tacit, that has the object or effect of preventing, restricting, or distorting competition.”
The regulations specifically identify price-fixing or coordinated pricing behaviour as prohibited conduct.
According to the draft, “Price-Fixing or Coordinated Pricing Behaviour, agreeing, aligning, or coordinating prices or any pricing element, including pump prices, ex-depot prices, margins, discounts, surcharges, freight/delivery charges, or pricing formulas/benchmarks,” shall be prohibited.
Upon approval of the draft policy, petroleum companies would no longer be permitted to coordinate pump prices, ex-depot prices, freight charges, discounts, pricing benchmarks or other commercial elements that could influence retail fuel prices.
The proposed framework also bans market allocation arrangements, where competitors divide customers, geographical territories, product lines or supply areas among themselves instead of competing freely.
Similarly, companies would be prohibited from engaging in bid rigging or collusive tendering, practices that undermine transparency and competition during procurement processes.
The Authority is also proposing stringent measures against collective supply restrictions capable of creating fuel shortages or manipulating market prices.
The draft regulations prohibit competitors from jointly reducing production volumes, petroleum imports, throughput or product supply to create artificial scarcity or influence prices.
The proposal also extends to tacit collusion, where competitors avoid direct agreements but signal future pricing intentions or strategic commercial decisions through public statements, trade associations or indirect channels.
The regulations prohibit the exchange of commercially sensitive information, including future pricing plans, production schedules, customer lists, marketing strategies and bidding intentions where such disclosures could reduce competition.
Such provisions are designed to prevent companies from coordinating behaviour without signing formal agreements, a practice competition regulators across several jurisdictions increasingly monitor.
The Authority is equally seeking to curb restrictive commercial arrangements that could limit market access for smaller operators.
The latest proposal represents another major regulatory intervention by the NMDPRA since the implementation of the PIA.
If adopted after stakeholder consultations, the new regulations would provide the Authority with a comprehensive legal framework to investigate and sanction anti-competitive conduct in Nigeria’s midstream and downstream petroleum sectors, reinforcing the competition provisions introduced under the PIA and promoting a more transparent, efficient and consumer-oriented fuel market.
How Twins Got Jobs at NNPC Ltd in 2026
Nigeria’s Energy Security Depends on Pipeline Protection
Tanzania Eyes Expanded Dangote Investments in Fertiliser, Energy, Infrastructure
MFM Choir Makes Nigeria Proud, Wins Gold at World Choir Games in Sweden
2Baba, Annie Spark Reunion Buzz With Surprise Instagram Move
How Nigerian Twins Defied Recruitment Rumours to Secure NNPC Jobs
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
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
