The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), demanding accountability over an alleged ₦5.9 billion spent on the incorporation, transition, and rebranding of the former Nigerian National Petroleum Corporation (NNPC) into NNPCL.
The suit, marked FHC/ABJ/CS/1248/2026, was filed at the Federal High Court in Abuja last week.
SERAP is seeking a court order compelling NNPCL to provide a detailed account of the funds reportedly expended during the rebranding process.
According to the organisation, the former NNPC allegedly spent ₦2.9 billion from petroleum product proceeds on incorporation-related expenses, while the National Petroleum Investment Management Services reportedly charged another ₦2.9 billion to crude oil revenue for the same exercise, bringing the total expenditure to approximately ₦5.9 billion.
In its application, SERAP asked the court to direct NNPCL to produce a comprehensive reconciliation statement outlining all transactions connected to the expenditure, including details of contractors engaged and the specific use of the funds.
Demand For Disclosure Of Approvals
The rights group is also seeking the disclosure of the identities and official positions of government officials who authorised and approved the release of the funds.
Additionally, SERAP wants NNPCL to clarify whether the expenditure complied with public procurement regulations and due process requirements.
The organisation argued that Nigerians have a legitimate interest in knowing whether the reported spending represented value for money and was carried out in accordance with the law.
“There is a legitimate public interest in the disclosure of the details sought. The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements,” SERAP stated.
The group maintained that full transparency is necessary regarding the reported expenditure, insisting that the public deserves to know who approved the spending, who received the funds, the services rendered, and whether established procedures were followed.
Concerns Over Accountability
SERAP further argued that disclosing the identities of officials involved and the approval process would enable citizens to assess whether the expenditure was properly authorised and justified.
The organisation stressed that the size of the reported expenditure and the strategic importance of the petroleum sector make prompt and transparent disclosure imperative.
The lawsuit, filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, described the alleged spending as a matter of serious public concern.
According to the suit, the reported expenditure raises questions about compliance with constitutional provisions, anti-corruption laws, and Nigeria’s international obligations on transparency and accountability.
SERAP argued that the failure to provide a detailed breakdown of the expenditure undermines public confidence and citizens’ right to access information concerning the management of public resources.
Senate Committee Allegedly Queried Spending
The organisation also referenced concerns reportedly raised by the Senate Committee on Public Accounts regarding the ₦5.9 billion classified as incorporation and transition expenses during the conversion of NNPC to NNPCL.
According to SERAP, the committee reportedly described the expenditure as excessive and deserving of further investigation and legislative scrutiny.
The group noted that the transition of NNPC into NNPCL was mandated by the Petroleum Industry Act (PIA) 2021, which transformed the corporation into a commercially driven limited liability company wholly owned by the Federal Government.
In support of its case, SERAP cited provisions of the 1999 Constitution, relevant anti-corruption laws, 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 suit.
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