Mkpoikana Udoma
Port Harcourt — The Socio-Economic Rights and Accountability Project, SERAP, has dragged the Nigerian National Petroleum Company Limited, NNPCL, before the Federal High Court in Abuja, demanding full disclosure and accountability over approximately N5.9 billion reportedly spent on the incorporation, transition and rebranding of the Nigerian National Petroleum Corporation, NNPC, into NNPCL.
In the suit marked FHC/ABJ/CS/1248/2026, filed last week, SERAP is seeking an order compelling the national oil company to account for the expenditure and disclose the officials, contractors and approval processes involved in the spending.
According to SERAP, NNPCL allegedly paid N2.9 billion from petroleum product proceeds for incorporation expenses, while the National Petroleum Investment Management Services, NAPIMS, reportedly charged another N2.9 billion to crude oil revenue for the same purpose, bringing the total rebranding cost to about N5.9 billion.
The rights group is asking the court to issue “an order of mandamus to direct and compel the NNPCL to account for about N5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”
SERAP also wants the court to compel NNPCL to provide “a comprehensive reconciliation statement detailing the specific financial transactions relating to the N5.9 billion expenditure, including the identities of the contractors involved, and how the funds were utilized for the rebranding of NNPC to NNPCL.”
The organisation further requested that the oil company disclose the names and official positions of government officials who approved and authorized the expenditure and clarify 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 understanding how the funds were spent.
“There is a legitimate public interest in the disclosure of the details sought. The NNPCL has a legal responsibility to explain whether the N5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements,” the group stated.
SERAP maintained that Nigerians deserve complete transparency regarding the expenditure, insisting that the public has 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 argued that disclosure would enable citizens to determine whether the expenditure was properly authorized and whether it delivered 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 said.
The suit, filed by SERAP’s lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, described the alleged expenditure as potentially constituting “a grave violation of the public trust” and cited provisions of the Nigerian Constitution, anti-corruption laws and international transparency obligations.
According to the organisation, “The failure to account for the spending of the N5.9 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 also referenced concerns reportedly raised by the Senate Committee on Public Accounts, which it said questioned the expenditure and described the N5.9 billion incorporation and transition costs as excessive and requiring further explanation and scrutiny.
The organisation noted that the transformation of NNPC into NNPCL was undertaken pursuant to the Petroleum Industry Act, PIA, 2021, which converted the former state oil corporation into a commercially oriented limited liability company wholly owned by the Federal Government.
SERAP argued that constitutional provisions requiring transparency, accountability and prudent management of national resources, as well as obligations under the United Nations Convention Against Corruption and the African Charter on Human and Peoples’ Rights, support its demand for disclosure.
