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SERAP Sues NNPCL Over Alleged Failure To Account For Missing N825bn, $2.5bn

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The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to the Federal High Court in Lagos over its alleged failure to provide an account for an estimated N825 billion naira and $2.5 billion in public funds. These funds were reportedly allocated for refinery rehabilitation and other oil-related revenues.

According to a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday, the lawsuit (FHC/L/MISC/722/25), filed last Friday, is predicated on findings detailed in the 2021 audited report by the Auditor-General of the Federation, Adolphus Aghughu, which was made public on November 27, 2024.

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The legal action also comes amidst renewed public skepticism regarding the state of Nigeria’s refineries. Just last week, Aliko Dangote, President of Dangote Group, openly expressed doubts that the NNPCL’s refineries would ever operate effectively again, despite an estimated $18 billion having already been spent on them over the years. This sentiment echoes previous concerns raised by former President Olusegun Obasanjo regarding the NNPC’s capacity to manage the refineries.

SERAP is seeking several court orders: Mandamus to compel the NNPCL to account for and explain the whereabouts of the missing N825 billion naira and $2.5 billion of public funds designated for refinery rehabilitation and repairs.

READ ALSO:SERAP Kicks As Bill To Jail Nigerians Who Don’t Vote Is Proposed

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Mandamus to compel the NNPCL to recover and return these missing funds to the federation account.

Mandamus to compel the NNPCL to identify those responsible for the missing oil money, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies for investigation and prosecution.

In its suit, SERAP argued that the “grim allegations by the Auditor-General (and Mr Aliko Dangote) 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.”

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The organization contended that “granting the reliefs sought would strike a blow against the impunity of those responsible for the missing oil money meant to repair the country’s refineries and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”

SERAP emphasised that these alleged financial irregularities have “undermined the economic development of the country, trapped the majority of Nigerians in poverty, and contributed to high levels of deficit spending by the government.”

READ ALSO:SERAP Drags Tinubu To Court Over Fubara, Deputy, Lawmakers’ Suspension

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The lawsuit, filed by SERAP’s lawyers, Kolawole Oluwadare, Ms. Oluwakemi Oni, and Ms. Valentina Adegoke, further detailed the Auditor-General’s findings. These include — Over N82.95 billion ($82,951,595,510.47) “deducted from the sale of Crude Oil and Gas between 2020 and 2021” for “refinery rehabilitation and repairs” without proper authorization. The AGF “fears that the money may be missing” and recommends its recovery.

Over N343.64 billion ($343,642,598,726.51) “being proceeds from domestic crude sales,” unilaterally deducted for “pipelines maintenance and management costs.” The AGF “fears the money may have been diverted” and calls for its recovery and the prosecution of those involved.

Over N83.65 billion ($83,659,813,739.99) “being miscellaneous income from the NNPC joint venture operations from 2016 to 2020,” withdrawn from a “CBN/NNPC sinking fund account.” This practice, the AGF noted, “has led the Federation to resort to borrowings.”

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Over N204.85 billion ($204,853,744,047.39) “being unjustified deductions from the oil royalties for 2021,” originally due to the Department of Petroleum Resources (now NUPRC). The AGF “fears the money may have been diverted.”

Over N3.74 billion ($3,748,581,281.27) “purportedly paid to a Company as a shortfall on sales of MT cargo of PMS,” which the AGF “fears the money may be missing.”

READ ALSO:‘It’s Patently Unlawful,’ SERAP Sues Akpabio Over Natasha’s Suspension

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Over N28.65 billion ($28,654,179,867.00) “being outstanding bridging allowance from NNPC retail for 2021,” and over N13.55 billion ($13,555,965,814.91) “being outstanding bridging allowance claims from three major oil marketers in 2021.” The AGF is concerned this “may have resulted in difficulty in funding the 2021 budget.”

Over N15 billion ($14,134,947,949.80 and $1,087,533,332.62) “being outstanding revenues from debts owed by twenty-six marketers for 2021.”

Over $29.64 million ($29,648,970.36) “being outstanding royalties payable to the Department of Petroleum Resources CBN account.”

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Uncollected outstanding oil royalties of over $2.26 billion ($2,260,448,992.45) and N48.21 billion ($48,218,163,192.67) from oil companies for 2021. The AGF “fears that the money may be missing” and notes this “may have resulted in difficulty in funding the 2021 budget.”

No date has been fixed yet for the hearing of the suit as of the time of this report.
(TRIBUNE)

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FG Predicts Heavy Rainfall, Flood In Seven States

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The Federal Ministry of Environment on Saturday predicted possible flooding in seven states and 25 locations across Nigeria.

The ministry, in its flood alert warned that heavy rainfall expected between August 23 and 24 could lead to flooding in the listed areas.

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The alert was signed by the Director of the Erosion, Flood and Coastal Zone Management Department, Usman Bokani.

He further directed residents of communities along the flood plain from Jebba to Lokoja to evacuate immediately as the River Niger’s water level continues to rise.

READ ALSO:NiMet Predicts 3-day Thunderstorms, Rains

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Due to the rise in the water level of River Niger, communities on the flood plain from Jebba to Lokoja are advised to evacuate,” he said.

The states and communities expected to be affected include Benue State (Abinsi, Agyo, Gbajimba, Gogo, Makurdi, Mbapa, Otobi, Otukpo, Udoma, Ukpiam); Borno State (Briyel, Dikwa, MaiduKamba; Gombe State (Bajoga, Dogon Ruwa, Gombe, Nafada); Kebbi State (Gwandu, Jega, Kamba); Nasarawa State (Agima, Keana, Keffi, Odogbo, Rukubi); Niger State (Lapai); and Yobe State (Gashua, Gasma, Potiskum).

On Friday, the National Emergency Management Agency urged residents in high-risk flood plains to evacuate to safer and higher grounds.

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READ ALSO:Again, NiMet Predicts Three-day Thunderstorms, Rain From Saturday

The states at high risk according to the agency are Kebbi, Niger, Kwara states that share borders with Benin Republic.

This was disclosed in a press statement signed by the agency’s Head of Press Unit, Manzo Ezekiel.

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The Director General of NEMA, Mrs. Zubaida Umar, also directed all NEMA offices covering communities along the River Niger to intensify advocacy and mobilization for flood preparedness following alerts of rising water levels in the upstream of the river in the Republic of Benin.

READ ALSO:NiMet Predicts 3-day Rains, Thunderstorms Across Nigeria From Sunday

In an urgent directive conveyed to the operations offices, Mrs. Zubaida Umar instructed them to sensitize communities to remain vigilant and advise residents in high-risk flood plains to evacuate to safer, higher grounds, especially those in Kebbi, Niger and Kwara states that share borders with Benin Republic.

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“She further urged the State Governments of the identified high-risk areas to support their Emergency Management Agencies (SEMAs) and Local Emergency Management Committees (LEMCs) in activating contingency plans and preparedness measures to mitigate the potential impact of this year’s flooding.

“The Director General reaffirmed NEMA’s commitment to ensuring coordinated actions to safeguard lives and livelihoods along the River Niger,” the statement noted.

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‘Court Of Corruption’ — Obasanjo Knocks INEC Chairman, Judiciary In New Book

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Former President Olusegun Obasanjo has criticised the Nigerian judiciary, saying it has been “deeply compromised” and that corruption among judges has turned courts into “a court of corruption rather than a court of justice.”

In his new book, Nigeria: Past and Future, Obasanjo laments the steady decline of the Nigerian judiciary’s integrity, warning that justice has become commodified in Nigeria.

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“The reputation of the Nigerian judiciary has steadily gone down from the four eras up till today. The rapidity of the precipitous fall, particularly in the Fourth Republic, is lamentable,” Obasanjo wrote.

He expressed concern that the judiciary’s decline poses a significant threat to the nation’s stability.

READ ALSO:EFCC Raids Obasanjo’s Hotel, Arrests Suspected Internet Fraudsters At Pool Party

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Obasanjo recounted an incident where a governor showed him six duplex buildings belonging to a judge who allegedly acquired them from money made as chairman of election tribunals. This anecdote, he said, illustrates the depth of corruption in the judiciary.

The former president also accused Mahmood Yakubu, INEC chairman, of undermining the electoral process since 2015.

“No wonder politicians do not put much confidence in an election which the INEC of Professor Mahmood Yakubu polluted and grossly undermined to make a charade,” he said.

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Obasanjo further alleged that politicians believe the outcome of election disputes depends on the will of tribunal judges, court of appeal judges, and supreme court judges.

READ ALSO:Obasanjo Blames Loss Of Values For Democracy’s Failure In Africa

No matter what the will of the people may be, the Chairman of INEC since after the 2015 election had made his will greater and more important than the will of the people,” he added.

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Moreover, Obasanjo directly accused the late former President Muhammadu Buhari of colluding with the judiciary during his election cases.

Buhari threw caution to the wind, no matter what had transpired between him and the judges who did his bidding. In his election cases, financially, he topped it up with appointments for them no matter their age and their ranks,” Obasanjo alleged.

The former president concluded that the current state of the judiciary and electoral system in Nigeria is alarming, saying, “After a false declaration of results, making losers winners and winners losers, the victim of the cheating is advised to go to court, which is a court of corruption rather than a court of justice.“

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Sanwo-Olu Unveils Leather Hub, Eyes 10,000 Jobs

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Lagos State Governor, Sanwo-Olu, on Saturday inaugurated a state-of-the-art leather processing and manufacturing hub in Mushin, projected to create 10,000 direct jobs and generate over $250 million in annual export turnover when fully operational.

In a press release sent to PUNCH Online, the governor said the facility was formally inaugurated on Saturday by the First Lady, Senator Oluremi Tinubu, during her three-day official visit to Lagos.

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He added that the hub was named in her honour to recognise her grassroots initiatives in social investment and economic empowerment, with 70 per cent of its employment slots reserved for women and youths.

The hub is equipped with modern machinery to support Nano, Micro, Small, and Medium Enterprises (NMSMEs), enabling mass production of shoes, bags, belts, packaging materials, and other leather products.

READ ALSO:I Will Snub Gov Sanwo-Olu Again – Mr Macaroni

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It is designed to ease production bottlenecks, scale operations, and position Lagos as the leather logistics capital of West Africa.

Speaking at the inauguration, Tinubu described the hub as a “trailblazing project” aligned with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy through industrialisation, manufacturing, and innovation.

The Lagos State Leather Hub in Mushin, formally commissioned by the First Lady of Nigeria, Senator Oluremi Tinubu, on Saturday, 23 August 2025.
Leatherwork is a traditional craft that has stood the test of time. This facility will empower artisans, scale up leather goods production, and enable them to compete confidently in both local and international markets,” she said, urging entrepreneurs to dedicate themselves to excellence and continuous learning.

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Sanwo-Olu said the project would provide training and start-up support to over 150,000 artisans, boost the local economy, attract investments, and strengthen trade links with fashion districts, e-commerce platforms, and future rail services.

READ ALSO:Sanwo-Olu Unveils Bus Terminal, Slashes Red Line Fares By 30%

“Hides and skins that once left our shores unprocessed will now be transformed here in Lagos into world-class footwear, garments, and accessories proudly stamped ‘Made in Lagos, Made in Nigeria’,” the governor said.

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He pledged to expand the facility through transparent regulation and continuous infrastructure upgrades, adding: “True dividends of democracy are best felt when they reach the cobbler in Mushin, the tanner in Oko-Oba, and the young fashion designer in Yaba.”

Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the hub would lower production costs and raise quality standards, positioning Lagos-made leather products for dominance in both local and export markets.

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