ABUJA, Nigeria — The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for approximately ₦5.9 billion reportedly spent on the incorporation, transition, and rebranding of the national oil company from NNPC to NNPCL.
The suit, numbered FHC/ABJ/CS/1248/2026, was filed at the Federal High Court in Abuja. SERAP is seeking an order of mandamus to compel the oil firm to provide a comprehensive reconciliation statement detailing how the massive funds were utilised.
According to financial records cited by the anti-corruption watchdog, the ₦5.9 billion expenditure was split in half, with ₦2.9 billion deducted from petroleum product proceeds for incorporation expenses, while another ₦2.9 billion was charged directly to crude oil revenues by the National Petroleum Investment Management Services (NAPIMS).
SERAP is asking the court to direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors involved and how the funds were utilised for the rebranding of NNPC to NNPCL.
The group is also seeking an order to compel the NNPCL to disclose the names and official positions of government officials who authorised and approved the release and expenditure of the funds, and to clarify whether the spending complied with applicable procurement laws and due process requirements.
In the suit filed by SERAP’s lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, the organisation argued that there is a legitimate public interest in the disclosure of the details sought. “The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements,” the suit read in part.
SERAP further argued that there ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. The organisation maintained that Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed.
The organisation maintained that the disclosure of the identities of officials involved and the processes followed in approving the expenditure would enable the public to assess whether the spending was properly authorised and represented value for money. “Given the size of the reported expenditure and the importance of transparency in the management of public resources within the petroleum sector, there is an urgent need for a prompt, thorough, and transparent disclosure of the details surrounding the spending of the funds,” SERAP added.
The suit described the alleged spending as a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 (as amended), national anti-corruption laws, and the country’s international anti-corruption obligations. It also stated that the failure to account for the spending of the ₦5.9 billion on rebranding from NNPC to NNPCL reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles.
SERAP noted that the Senate Committee on Public Accounts had reportedly raised serious concerns regarding the expenditure, describing the spending of the ₦5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest.
The transformation of the national oil company from NNPC into NNPCL occurred following the enactment of the Petroleum Industry Act (PIA) 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government.
SERAP cited constitutional provisions, including Sections 13 and 15(5) of the Nigerian Constitution, which mandate public institutions to abolish all corrupt practices and abuse of power, as well as international instruments such as Articles 5 and 9 of the UN Convention against Corruption and Article 21 of the African Charter on Human and Peoples’ Rights, in support of its case.
No date has been fixed for the hearing of the suit.
