SERAP Drags NNPCL to Court Over Alleged N5.9 Billion Rebranding Expenditure
The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL), demanding accountability for an alleged N5.9 billion spent on the transition and rebranding of the former Nigerian National Petroleum Corporation (NNPC).
The lawsuit, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/1248/2026, seeks to compel NNPCL to disclose detailed information regarding the expenditure associated with its transformation into a limited liability company.
According to SERAP, reports indicate that approximately N2.9 billion was spent on incorporation expenses from petroleum product revenues, while another N2.9 billion was reportedly charged to crude oil proceeds through the National Petroleum Investment Management Services (NAPIMS). This brings the total amount allegedly spent on the transition process to nearly N5.9 billion.
In the suit, SERAP is requesting a court order directing NNPCL to provide a comprehensive breakdown of the expenditure. The organization wants details of all financial transactions related to the rebranding exercise, including the identities of contractors involved and the specific services rendered.
The group is also seeking disclosure of the names and positions of government officials who authorized and approved the spending. Additionally, SERAP wants clarification on whether the expenditure complied with procurement regulations and due-process requirements.
SERAP argued that Nigerians have a legitimate right to know how public funds were utilized and whether the expenditure delivered value for money. The organization maintained that transparency and accountability are essential, particularly in the management of resources within the petroleum sector.
According to the group, public disclosure would enable citizens to determine whether the spending was properly authorized and whether all legal procedures were followed.
The lawsuit further contends that the reported expenditure raises serious concerns about compliance with constitutional provisions, anti-corruption laws, and Nigeria’s international obligations regarding transparency in public finance management.
Filed by SERAP’s legal team, including Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, the case argues that failure to account for the funds reflects broader accountability challenges within NNPCL.
The organization also cited concerns reportedly expressed by the Senate Committee on Public Accounts, which allegedly questioned the justification for the expenditure and called for further scrutiny.
SERAP noted that the transition of NNPC into NNPCL was carried out under the provisions of the Petroleum Industry Act 2021, which mandated the restructuring of the corporation into a commercially driven limited liability company wholly owned by the Federal Government.
The organization emphasized that constitutional provisions and international agreements require public institutions to promote accountability, prevent corruption, and ensure the transparent management of national resources.
As of the time of filing this report, no hearing date has been scheduled for the case.
