The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking an explanation for the alleged ₦5.9 billion spent on the incorporation, transition, and rebranding of the Nigerian National Petroleum Corporation (NNPC) into NNPCL.
According to SERAP, the disputed amount comprises ₦2.9 billion reportedly charged to petroleum product proceeds as incorporation expenses, while another ₦2.9 billion was allegedly deducted from crude oil revenue through the National Petroleum Investment Management Services (NAPIMS), bringing the total to about ₦5.9 billion.
The suit, marked FHC/ABJ/CS/1248/2026 and filed at the Federal High Court in Abuja, is seeking an order of mandamus compelling NNPCL to provide a full account of how the funds were spent.
SERAP is asking the court to compel the company to submit a detailed reconciliation statement covering all transactions linked to the expenditure, including the identities of contractors involved and how the funds were utilized in the rebranding process.
The organisation is also requesting disclosure of the officials who approved the expenditure, their positions, and whether due process and procurement laws were followed in the approval and disbursement of the funds.
SERAP argued that there is a strong public interest in the disclosure, insisting that Nigerians have the right to know how public funds were managed, who benefited from the payments, and whether the spending represented value for money.
The group further stated that transparency was necessary to determine whether the alleged expenditure complied with constitutional provisions, procurement rules, and anti-corruption standards.
According to court filings, SERAP maintained that the alleged spending raises concerns about possible violations of the 1999 Constitution (as amended), national anti-corruption laws, and Nigeria’s international obligations under anti-corruption frameworks.
It also referenced concerns reportedly raised by the Senate Committee on Public Accounts, which described the expenditure as excessive and in need of further legislative scrutiny.
SERAP noted that the transition from NNPC to NNPCL followed the enactment of the Petroleum Industry Act (PIA) 2021, which transformed the corporation into a commercially oriented company fully owned by the federal government.
No date has been fixed for hearing of the case.
The suit was filed on behalf of SERAP by its lawyers, including Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo.
