The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), demanding a detailed account of the alleged ₦5.9 billion spent on the incorporation, transition, and rebranding of the former Nigerian National Petroleum Corporation (NNPC).
The suit, marked FHC/ABJ/CS/1248/2026 and filed at the Federal High Court in Abuja, seeks an order compelling the state-owned oil company to disclose how the funds were spent and identify those responsible for authorising the expenditure.
According to SERAP, approximately ₦2.9 billion was reportedly spent by the NNPC on incorporation-related expenses using proceeds from petroleum products, while another ₦2.9 billion was allegedly charged by the National Petroleum Investment Management Services (NAPIMS) to crude oil revenue for the same purpose, bringing the total expenditure to about ₦5.9 billion.
In its application, SERAP is asking the court to direct NNPCL to provide a comprehensive reconciliation statement detailing the transactions linked to the expenditure, including the contractors involved, services rendered, and the manner in which the funds were utilised during the rebranding process, The News Edition reports.
The organisation is also seeking an order compelling the company to disclose the identities and official positions of government officials who approved the expenditure, as well as clarify whether the spending complied with procurement laws and due-process requirements.
SERAP Demands Greater Transparency
SERAP argued that the public has a legitimate interest in understanding how the funds were spent, given the importance of transparency and accountability in the management of public resources.
According to the group, Nigerians have a right to know whether the expenditure represented value for money and whether proper procedures were followed in approving and executing the project.
The organisation further maintained that disclosure of the relevant documents and approvals would enable the public to assess the legality and justification of the spending.
SERAP said the alleged failure to account for the funds raises broader concerns about transparency within the NNPCL and undermines public confidence in the management of resources in the petroleum sector.
Concerns Raised by Senate Committee
The rights group also referenced concerns reportedly raised by the Senate Committee on Public Accounts regarding the expenditure.
According to SERAP, the committee questioned the justification for the reported ₦5.9 billion spent on incorporation and transition activities linked to the transformation of NNPC into NNPCL.
The organisation noted that lawmakers reportedly described the expenditure as excessive and deserving of further explanation, investigation, and legislative scrutiny.
The transition of NNPC into NNPCL followed the enactment of the Petroleum Industry Act (PIA) 2021, which transformed the corporation into a commercially driven limited liability company wholly owned by the Federal Government.
SERAP argued that public institutions have constitutional and legal obligations to ensure transparency, accountability, and prudent management of public resources.
The group cited provisions of the Nigerian Constitution, the United Nations Convention Against Corruption, and the African Charter on Human and Peoples’ Rights in support of its case.
As of the time of filing this report, no date has been fixed for the hearing of the suit.