The Socio-Economic Rights and Accountability Project (SERAP) have instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking a detailed explanation over an alleged ₦5.9 billion spent on the incorporation, transition, and rebranding of the former Nigerian National Petroleum Corporation (NNPC).
The suit, filed before the Federal High Court in Abuja, is aimed at compelling NNPCL to account for the expenditure and disclose the identities of government officials and contractors involved in the controversial rebranding exercise.
According to SERAP, approximately ₦2.9 billion was reportedly drawn from petroleum product proceeds to cover incorporation costs, while another ₦2.9 billion was allegedly charged to crude oil revenues through the National Petroleum Investment Management Services (NAPIMS), bringing the total amount spent to about ₦5.9 billion.
The rights group is asking the court to direct NNPCL to publish a comprehensive reconciliation statement detailing the transactions associated with the expenditure, the specific services rendered, and evidence showing compliance with due process and procurement regulations.
SERAP also wants the names and official positions of those who approved the spending made public, arguing that Nigerians have a right to know how public resources were utilised.
According to the organisation, the Senate Committee on Public Accounts had previously questioned the expenditure, describing the amount as excessive and calling for further legislative scrutiny and investigation.
The suit, marked FHC/ABJ/CS/1248/2026, maintains that transparency and accountability are indispensable, particularly considering the magnitude of the funds involved.
SERAP argued that citizens deserve to know whether the spending represented value for money and whether it complied with existing laws governing public expenditures.
The organization further noted that the transition of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited under the Petroleum Industry Act (PIA) 2021 was intended to establish a commercially driven entity wholly owned by the Federal Government, making accountability and openness even more important.
In support of its case, SERAP cited provisions of the Nigerian Constitution, the United Nations Convention against Corruption, and the African Charter on Human and Peoples’ Rights.
As of the time of filing this report, no date has been fixed for the hearing of the matter.
