By Seun Ibiyemi
The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking judicial intervention to compel the company to account for approximately ₦5.9 billion allegedly 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 and filed at the Federal High Court in Abuja, seeks an order of mandamus directing NNPCL to provide a detailed account of the expenditure, which SERAP claims has not been adequately explained to the Nigerian public.
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) allegedly charged another ₦2.9 billion to crude oil revenues for the same purpose, bringing the total cost of the transition and rebranding exercise to about ₦5.9 billion.
The rights group is asking the court to compel NNPCL to release a comprehensive reconciliation statement detailing the financial transactions related to the expenditure, identify contractors involved in the exercise, and explain how the funds were utilized.
SERAP is also seeking the disclosure of the names and official positions of government officials who approved the expenditure, as well as clarification on whether the spending complied with procurement laws and due process requirements.
In its court filings, SERAP argued that there is a strong public interest in ensuring transparency and accountability in the management of public resources, particularly within the petroleum sector.
“There is a legitimate public interest in the disclosure of the details sought,” the organization stated, adding that Nigerians have a right to know whether the expenditure represented value for money and complied with applicable legal and procurement standards.
The organization further contended that the failure to provide a detailed account of the spending undermines citizens’ constitutional right to access information concerning the management of public resources.
The suit was filed on behalf of SERAP by lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, who argued that the alleged expenditure raises concerns about compliance with constitutional provisions, anti-corruption laws, and Nigeria’s international obligations on transparency and accountability.
SERAP also referenced concerns reportedly raised by the Senate Committee on Public Accounts regarding the expenditure. According to the group, the committee described the spending as excessive and unjustifiable, warranting further explanation and legislative scrutiny.
The transition of NNPC to NNPCL followed the enactment of the Petroleum Industry Act (PIA) 2021, which transformed the national oil corporation into a commercially oriented limited liability company wholly owned by the Federal Government.
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SERAP maintained that public institutions are constitutionally obligated to ensure transparency, prevent corruption, and manage national resources in a manner that serves the common good.
The group also cited provisions of the United Nations Convention Against Corruption and the African Charter on Human and Peoples’ Rights, arguing that transparency in the management of public funds and natural resources is both a legal and moral obligation.
As of the time of filing this report, NNPCL had not publicly responded to the lawsuit.
