A public interest group, the Incorporated Trustees of Legal Defence Against Injustice Initiative, has filed a lawsuit against Adedapo Segun, Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), seeking the refund of ₦140 billion ($325.09 million) allegedly tied to the state oil company’s acquisition of OVH Energy.
NGO seeks refund of ₦140bn OVH Energy funds
The lawsuit, filed at the Abuja High Court under suit number CV/3104/2025, requests that Segun return the funds directly to the Federal Government’s treasury. According to court documents, the group also asked the Court to compel the Economic and Financial Crimes Commission (EFCC) and the Attorney-General of the Federation (AGF) to prosecute Segun over his role in the OVH acquisition and in transactions linked to the rehabilitation of the Port Harcourt and Warri refineries.
Call for prosecution and accountability
The plaintiff’s lawyer, Festus Ugo, argued that accountability must be enforced given the scale of public funds involved. The originating summons specifically seeks an order directing Segun to remit the $325.09 million into the national treasury, while mandating the EFCC and AGF to commence immediate prosecution. Additionally, the group requested a perpetual injunction preventing Segun from occupying any future public office.
Context of the OVH Energy acquisition
NNPCL acquired OVH Energy Marketing in October 2022 as part of a strategic downstream expansion. The acquisition added 380 filling stations to NNPCL’s portfolio and expanded its retail capacity with a reception jetty, LPG plants, lube blending facilities, aviation depots, and warehouses. The deal was positioned as a major step toward achieving NNPCL’s goal of 1,500 retail outlets nationwide.
However, critics have questioned both the valuation of the transaction and the financing structure, especially amid broader scrutiny of NNPCL’s refinery rehabilitation spending. The lawsuit amplifies these concerns, citing unresolved allegations and lack of prosecutorial action despite EFCC’s prior disclosures of recoveries from contractors and company officials.
Implications for Nigeria’s downstream sector
Analysts say the case underscores persistent governance challenges in Nigeria’s oil and gas sector. If successful, the litigation could set a precedent for greater oversight of state-led acquisitions and financial transparency in strategic energy deals. Moreover, it puts pressure on regulators to ensure that large-scale transactions in the downstream sector align with due process and public interest.
What’s next?
The Court will set a hearing date in the coming weeks. Meanwhile, industry stakeholders will closely watch whether the suit compels EFCC and the AGF to act more decisively on alleged infractions within NNPCL.