Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja. The suit challenges the company's failure to account for approximately N5.9 billion reportedly spent on its incorporation, transition, and rebranding from NNPC to NNPCL.
Details of the alleged expenditure
Reports indicate that NNPC paid N2.9 billion for incorporation expenses from petroleum product proceeds. Additionally, the National Petroleum Investment Management Services (NAPIMS) charged N2.9 billion to crude oil revenue for the same purpose. This brings the total amount spent on the rebranding to N5.9 billion.
SERAP's legal demands
In the suit numbered FHC/ABJ/CS/1248/2026, filed over the weekend, SERAP is seeking an order of mandamus to compel NNPCL to account for the funds. The organization requests a comprehensive reconciliation statement detailing the specific financial transactions related to the N5.9 billion expenditure. This includes the identities of the contractors involved and how the funds were utilized for the rebranding.
Furthermore, SERAP asks the court to compel NNPCL to disclose the names and official positions of government officials who authorized and approved the release and expenditure of the amount. The suit also seeks clarification on whether the expenditure complied with applicable procurement laws and due-process requirements.
The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo. No date has been fixed for the hearing of the suit.
