A federal capital territory (FCT) high court has approved the hearing of a suit seeking to compel the refund of over N140 billion allegedly linked to the acquisition of OVH Energy, owner and operator of the Oando branded retail service stations, by the Nigerian National Petroleum Company (NNPC) Limited.
The case, filed under public interest litigation by the Incorporated Trustees of Legal Defence Against Injustice Initiative, is marked CV/3104/2025.
The suit lists Dapo Segun, NNPC’s chief financial officer and former executive vice president, downstream, as the first defendant, while the Economic and Financial Crimes Commission (EFCC) and the attorney-general of the federation (AGF), are joined as second and third defendants.
Through its counsel, Festus Ugo, the plaintiff asked the court to determine whether Segun should be held personally liable to account for and refund $325.09 million (about N140.5 billion) allegedly spent on the OVH Energy acquisition.
The group is seeking a series of reliefs and orders, including a declaration that Segun is personally liable to refund the sums in question to the federal government.
“A declaration of this honourable court that in view of Sections 15 (5) of the amended 1999 Constitution of the federal republic of Nigeria, the 1st defendant is not personally liable to account and refund to the coffers of the coffers of the federal government of Nigeria through the 2nd and 3rd defendants the total sum of Five Trillion Naira which was paid by the Nigerian National Petroleum Company Limited under the remit of the 1st Defendant as the executive vice president, downstream for rehabilitation of the Port Harcourt and Warri refineries,” the court document reads.
“An order of this honourable court directing the 1st defendant to pay forthwith into the treasury of the federal government of Nigeria (through the 2nd and 3rd defendants) the total sum of $325.09 million (N140.559 billion).”
The plaintiff also sought an order directing the EFCC and the AGF to prosecute Segun over his role in the transactions.
GROUP ASKS COURT TO BAR SEGUN FROM HOLDING PUBLIC OFFICE
Incorporated Trustees also want a perpetual injunction barring him from holding any public office in Nigeria.
In a separate ex-parte motion, the plaintiff also asked the court to suspend Segun from office as NNPC’s CFO and compel him to disclose details of his assets, including company interests, tax records, and local and foreign bank accounts.
No date has been fixed for the hearing of the matter.
In 2022, NNPC announced its acquisition of OVH Energy, describing it as a strategic move to expand operations and attract investments into Nigeria’s downstream oil sector.
In August 2024, the national assembly also invited stakeholders to partake in a forensic investigation into the “irregularities” and alleged corruption” in the NNPC–OVH deal.
Almost a year after, the EFCC interrogated Umar Isa, a former chief financial officer (CFO) of NNPC, concerning an alleged $7.2 billion fraud connected to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries.
Isa, who oversaw the release of funds for the turnaround maintenance of the refineries during his tenure as CFO, is reportedly under investigation along with other key officials for alleged abuse of office, corruption, fund diversion, and kickbacks from contractors.