A High Court of the Federal Capital Territory (FCT) has granted approval to proceed with a public interest suit seeking the refund of over ₦140 billion allegedly linked to the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPCL).
The legal action, filed by the Incorporated Trustees of Legal Defence Against Injustice Initiative, is asking the court to determine the personal accountability of NNPCL’s Chief Financial Officer (CFO) and former Executive Vice President (Downstream), Mr. Dapo Segun, over the controversial transaction.
The suit—marked CV/3104/2025—lists Mr. Segun as the 1st defendant, alongside the Economic and Financial Crimes Commission (EFCC) and the Attorney-General of the Federation (AGF) as 2nd and 3rd defendants, respectively.
The plaintiffs, represented by legal counsel Festus Ugo, are asking the court to determine whether, under Section 15(5) of the amended 1999 Constitution, Mr. Segun should be held personally liable for refunding approximately $325.09 million (₦140.559 billion) related to the acquisition, as well as ₦5 trillion allegedly allocated for the rehabilitation of the Port Harcourt and Warri refineries.
Among the five reliefs sought, the plaintiffs are praying for a declaration that Mr. Segun is personally accountable and must refund the said sums to the Federal Government of Nigeria through the EFCC and AGF.
They also request an order directing his immediate prosecution over his role in the controversial transactions.
In addition, they are asking the court to issue a perpetual injunction barring the 1st defendant from holding any public office in Nigeria, citing potential abuse of office and financial mismanagement.
The case stems from revelations made by the EFCC, which recently confirmed the recovery of funds allegedly diverted by both NNPCL contractors and senior officials.
In a separate ex-parte motion, the plaintiffs are also requesting the immediate suspension of Mr. Segun from his role as CFO of NNPCL.
They further demand that within 48 hours of service of the court’s order, he should declare on oath all companies in which he has a stake or holds a directorship position.
The declaration must include company incorporation documents, tax filings, and annual returns from 2019 to date.
The application also asks the court to compel the submission of:
Audited financial statements of such companies
Tax clearance certificates
Individual and corporate bank account details (domestic and foreign)
List of movable and immovable assets in Nigeria and abroad
As of the time of this report, no date has been fixed for hearing, but legal observers say the outcome could set a new precedent for financial accountability in government-owned corporations