• As EFCC steps in over illicit wealth
• Aljazirah stands by its story
• More damming reports under review for publication
Fresh allegations of asset concealment have thrust NNPC Ltd’s Chief Financial Officer, Adedapo Segun, into the spotlight, as the EFCC concludes a months-long investigation and prepares to initiate prosecution over claims of illicit wealth and non-declaration, writes DAUDA ISMAIL.
Fresh troubles appear to be mounting for the Chief Financial Officer, CFO, of the Nigerian National Petroleum Company Limited, NNPC Ltd, Mr Adedapo Adeolu Segun, as indications emerge that the Economic and Financial Crimes Commission, EFCC, is set to commence prosecution over alleged illicit wealth and non-declaration of assets.
Impeccable sources familiar with the development disclosed to AljazirahNigeria Newspapers that the anti-graft agency had concluded a painstaking investigation spanning several months and is now poised to initiate legal proceedings.
“I can confirm that the EFCC will soon begin the prosecution of Mr Segun following a thorough and exhaustive investigation,” a source told our correspondent.
The latest development comes in the wake of sustained calls for a comprehensive probe into the affairs of NNPC Ltd’s top management, particularly after the removal of the former Group Chief Executive Officer, Mele Kyari, and the dissolution of the company’s board. Stakeholders and civil society groups had urged relevant authorities to scrutinise the financial dealings of senior officials within the organisation.
Central to the allegations against Mr Segun are claims of deliberate concealment and failure to declare ownership of high-value assets, both within Nigeria and abroad, contrary to statutory requirements governing public office holders.
According to information now in the public domain and supported by what sources describe as actionable intelligence, the CFO allegedly failed to disclose several significant assets in his declarations to the Code of Conduct Bureau, thereby raising concerns over transparency and potential abuse of office.
Among the key allegations is the purported ownership of a three-bedroom property located at 6414 Wolf Run Drive, Cane Island, Katy, Texas, in the United States. The property, reportedly acquired on August 21, 2017 for $195,000, is currently estimated to be worth approximately $432,420. Investigators allege that this asset was not declared as required under Nigerian law.
In addition, Mr Segun is said to have an interest in L’AVENIDA Multipurpose Centre, a luxury event facility situated along the Lekki–Epe Expressway in Lagos. The property, considered a high-value commercial asset, was also allegedly omitted from his asset declaration filings.
Further allegations point to his involvement in several companies operating within or connected to the oil and commercial sectors. These include Windchase Investments Limited, Terra Vista Development & Construction Ltd, Bendith Energy Resources Ltd, and Sim-Shore Limited. The nature of these businesses, particularly those linked to the petroleum industry, has raised questions about possible conflicts of interest, especially given his strategic role within NNPC Ltd.
Sources contend that the failure to disclose these interests contravenes provisions of the Code of Conduct Bureau and Tribunal Act, which mandates public officials to fully declare their assets and avoid situations that may compromise their integrity in office.
Prior to publishing its initial report on the matter, AljazirahNigeria Newspapers formally contacted Mr Segun on 25 September 2025, requesting his response to the allegations. A follow-up reminder was sent on 23 November 2025. However, as at the time of publication, he had not provided any clarification or rebuttal.
In keeping with its editorial standards, the newspaper had emphasised the need for fairness, accuracy and balance, noting that Mr Segun’s response would be instrumental in presenting a comprehensive account of the issues raised. Despite granting an additional seven-day window for a reply, no response was received.
The publication subsequently proceeded with an earlier report highlighting the allegations, amid growing pressure from advocacy groups and legal actions seeking to bar the CFO from holding public office pending the outcome of investigations.
Reiterating its commitment to responsible journalism, AljazirahNigeria Newspapers has maintained that its reports are guided by verifiable facts and the public interest. The organisation has also indicated that further investigative findings are currently under review and may be published in due course.
The unfolding developments are expected to intensify scrutiny of governance practices within NNPC Ltd, particularly in relation to transparency, accountability, and adherence to ethical standards by public officials.
As the EFCC prepares to take the next legal steps, observers note that the case could serve as a significant test of Nigeria’s anti-corruption framework and its resolve to hold high-ranking officials accountable.
Efforts to reach Mr Segun for comments on the latest developments were unsuccessful as at press time.
