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 spending of about ₦5.9 billion on the incorporation, transition, and rebranding of the former Nigerian National Petroleum Company (NNPC).
SERAP alleged that NNPCL spent ₦2.9 billion on incorporation costs from petroleum product proceeds, while the National Petroleum Investment Management Services reportedly charged another ₦2.9 billion to crude oil revenue for the same process, bringing the total to ₦5.9 billion.
In the suit filed at the Federal High Court in Abuja (FHC/ABJ/CS/1248/2026), the organisation is seeking an order of mandamus compelling NNPCL to account for the expenditure.
It is also asking the court to direct the company to provide a full reconciliation statement detailing all financial transactions related to the rebranding exercise, including the identities of contractors involved and how the funds were utilised.
SERAP further wants the court to compel NNPCL to disclose the names and positions of officials who approved the expenditure, as well as clarify whether due process and procurement laws were followed.
According to a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the suit was filed by lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo.
The organisation noted that the Senate Committee on Public Accounts had also raised concerns over the expenditure, describing it as excessive and requiring further investigation.
SERAP argued that there is a strong public interest in full disclosure of how the funds were spent, insisting that Nigerians are entitled to know whether the transactions complied with legal and procurement standards.
“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money and complies with due process,” the group said.
It added that transparency was necessary to determine whether the spending was properly authorised and executed in line with procurement regulations.
SERAP further stated that the Petroleum Industry Act (2021), the Nigerian Constitution, and international anti-corruption instruments all support the demand for accountability and transparency in public spending.
No date has been fixed for hearing of the suit.
