A Federal High Court in Abuja has delivered a significant judgment compelling the Nigerian National Petroleum Company Limited (NNPCL) to reveal comprehensive details concerning a $3 billion emergency loan it secured from the African Export-Import Bank (Afreximbank).
Court Mandates Full Disclosure
In a ruling delivered on 5 January 2026, Justice Emeka Nwite of the Federal High Court, Abuja, granted an order of mandamus in favour of the HEDA Resource Centre. The suit, numbered FHC/ABJ/CS/1631/2023, was filed by Seidu Mohammed on behalf of the anti-corruption group.
The judge directed the national oil company to supply all requested information about the controversial "crude-for-cash" facility. Justice Nwite firmly rejected NNPCL's arguments for withholding the data, stating the information sought was "simple and harmless".
Specific Information Demanded
The court's order requires NNPCL to provide a detailed breakdown of several critical aspects of the loan agreement. These include:
- The anticipated benefits of the $3 billion loan for both NNPCL and the broader Nigerian economy.
- A clear analysis of the loan's potential economic implications, covering both short-term and long-term effects.
- Clarification on the specific oil grades or categories used in negotiating the loan exchange.
- The exchange rate applied under the agreement's terms for crude oil repayment.
- Details on the quality of the crude oil being sold or used as collateral for the loan.
A Victory for Public Interest
In his judgment, Justice Nwite emphasized the profound public interest in the transaction. He noted that the oil sector remains the major backbone of Nigeria's economy, and a loan of this magnitude has a great economic impact on all Nigerians.
The judge invoked Section 15(4) of the Freedom of Information (FOI) Act, which empowers the court to balance any potential harm from disclosure against the overriding public interest. "The court cannot, in all honesty, decline the request of the applicant," Justice Nwite held.
HEDA Hails Landmark Ruling
Reacting to the victory, the Chairman of HEDA Resource Centre, Mr Olanrewaju Suraju, described the judgment as a major win for transparency and accountability in Nigeria's oil and gas sector.
"The judgment marks another milestone in HEDA’s demand for financial and project transparency in the NNPCL," Suraju stated. "It also sets a precedent for public access to information on government projects and loan agreements. We expect the NNPCL to comply fully with the Court’s order."
The organization has called on media outlets and civil society organizations to join the demand for accountability from public institutions, reinforcing the fight against corruption and financial recklessness.
