The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited over the alleged failure to account for ₦5.9bn reportedly spent on the transition and rebranding of the defunct Nigerian National Petroleum Corporation.
The suit, filed at the Federal High Court in Abuja, seeks an order compelling the oil firm to provide detailed explanations on how the funds were utilised in transforming NNPC into a limited liability company.
In the suit marked FHC/ABJ/CS/1248/2026, SERAP is asking the court to issue an order of mandamus directing the NNPCL to account for the expenditure and provide a comprehensive reconciliation of the transactions involved.
The organisation alleged that while ₦2.9bn was reportedly spent on incorporation costs from petroleum product proceeds, another ₦2.9bn was charged to crude oil revenue by the National Petroleum Investment Management Services for similar purposes, bringing the total to ₦5.9bn.
SERAP is also seeking an order compelling the company to disclose the identities of contractors engaged for the rebranding, details of services rendered, and the officials who approved the payments.
In a statement by its Deputy Director, Kolawole Oluwadare, the group said the suit was filed by its lawyers, including Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo.
The organisation noted that the Senate Committee on Public Accounts had earlier raised concerns over the expenditure, reportedly describing it as excessive and requiring further investigation in the public interest.
SERAP argued that there is a compelling public interest in ensuring transparency and accountability in the spending of public funds, particularly given the scale of the amount involved.
It further contended that Nigerians have the right to know whether the expenditure complied with procurement laws and due process requirements, as well as whether it represented value for money.
According to the group, failure by the NNPCL to adequately account for the spending reflects broader concerns about transparency within the institution.
SERAP also anchored its arguments on provisions of the 1999 Constitution, the United Nations Convention against Corruption, and the African Charter on Human and Peoples’ Rights.
The rebranding of NNPC to NNPCL followed the enactment of the Petroleum Industry Act 2021, which mandated the transformation of the national oil company into a commercially driven entity wholly owned by the Federal Government.
No date has been fixed for the hearing of the case.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
