NNPCL CFO Adedapo Segun sued over alleged N140bn OVH Energy acquisition funds

A non-governmental organisation, the Incorporated Trustees of Legal Defence Against Injustice Initiative, has filed a lawsuit at the Abuja High Court against Nigerian National Petroleum Company Limited (NNPCL) executive, Adedapo Segun, seeking the refund of N140.5 billion ($325.09 million) allegedly linked to the state oil company’s acquisition of OVH Energy.

According to the News Agency of Nigeria (NAN), the group is asking the Court to compel Segun—who currently serves as NNPCL’s Chief Financial Officer and was formerly its Executive Vice President, Downstream—to return the funds to the Federal Government’s treasury.

The suit, marked CV/3104/2025 and filed by the group’s counsel, Festus Ugo, also joins the Economic and Financial Crimes Commission (EFCC) and the Attorney-General of the Federation (AGF) as co-defendants.

The NGO wants the Court to direct both agencies to prosecute Segun over his role in the OVH acquisition as well as transactions tied to the rehabilitation of the Port Harcourt and Warri refineries.

The summons reads in part: “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).

An order of this Honourable Court directing the 2nd and 3rd defendants to forthwith prosecute the 1st defendant in relation to the roles he played in connection with the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited and rehabilitation of the Port-Harcourt and Warri Refineries.”

READ ALSO: NNPCL: GMD Bashir Ojulari faces resignation pressure just 120 days in office

Beyond the demand for refund and prosecution, the group is also seeking a perpetual injunction restraining Segun from holding any public office in the future.

The case was filed as a public interest suit. In a supporting affidavit, a litigation secretary argued that the action was brought in good faith under the Oaths Act, 2004, noting that despite public allegations and recent EFCC recoveries from oil sector contracts, no charges had been filed against Segun.

The development follows EFCC’s disclosure of billions recovered from contractors and NNPCL-linked transactions, heightening scrutiny on the oil giant’s acquisition strategies.

In October 2022, NNPCL acquired OVH Energy Marketing, the operator of Oando-branded retail service stations, in what was then described as a landmark strategic expansion.

The deal, announced on October 1, 2022, merged OVH with NNPC Retail Limited, adding 380 service stations to NNPCL’s portfolio and bringing it closer to its 1,500-outlet target.

The acquisition also transferred significant infrastructure assets, including a reception jetty with a 240,000-metric-ton monthly capacity, eight liquefied petroleum gas (LPG) plants, three lube blending plants, three aviation depots, and 12 warehouses.

At the time, NNPCL positioned the move as crucial for strengthening supply chains, expanding its retail footprint, and improving nationwide product availability.

Now, almost three years after the acquisition, the deal has become the subject of a major legal challenge, testing both the transparency of NNPCL’s operations and the resolve of anti-graft institutions to act on civil society-led interventions.