By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against the Nigerian National Petroleum Company Limited (NNPCL), seeking a court order compelling the company to account for about ₦5.9 billion allegedly 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 last week before the Federal High Court in Abuja, is asking the court to direct the NNPCL to provide a comprehensive account of the expenditure, including details of contractors involved, how the funds were utilised and whether due process was followed.
According to SERAP, the NNPC reportedly spent ₦2.9 billion from petroleum product proceeds on incorporation expenses, while the National Petroleum Investment Management Services (NAPIMS) charged another ₦2.9 billion to crude oil revenue for the same purpose, bringing the total expenditure on the transition to ₦5.9 billion.
The organisation is also seeking an order compelling the NNPCL to disclose the identities and official positions of government officials who approved and authorised the expenditure, and to clarify whether the spending complied with procurement laws and due process requirements.
In the suit, SERAP argued that there is a strong public interest in disclosing the details of the expenditure.
“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,” the organisation stated.
SERAP further contended that Nigerians have a right to know how public resources were spent and whether proper procedures were followed in approving the expenditure.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed,” it said.
The organisation argued that disclosure of the information would enable the public to determine whether the expenditure was properly authorised and represented value for money.
According to court documents filed by SERAP’s lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, the alleged expenditure raises concerns about compliance with constitutional provisions, anti-corruption laws and international transparency obligations.
“The alleged spending of the ₦5.9 billion suggests a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws and the country’s international anti-corruption obligations,” the suit stated.
SERAP also referenced concerns reportedly raised by the Senate Committee on Public Accounts over the expenditure, noting that the committee had described the spending as excessive and requiring further explanation and scrutiny.
The rebranding followed the implementation of the Petroleum Industry Act (PIA) 2021, which transformed the NNPC into the NNPCL as a commercially oriented limited liability company wholly owned by the Federal Government.
No date has been fixed for hearing the suit.
