A Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPC Ltd) to disclose full details of the $3 billion crude-for-cash facility it obtained from the African Export-Import Bank.
Justice Emeka Nwite issued the order while delivering judgment in Suit No. FHC/ABJ/CS/1631/2023. The court granted an order of mandamus compelling the national oil company to release information requested under the Freedom of Information (FOI) Act.
The case was filed by the Human and Environmental Development Agenda Resource Centre (HEDA) through its counsel, Seidu Mohammed.
What NNPC Must Disclose
In the ruling, the judge instructed NNPCL to provide a breakdown of the expected benefits of the loan to both the company and the wider Nigerian economy. The court also ordered disclosure of the short-term and long-term economic implications of the facility.
Justice Nwite further directed the company to clarify the crude oil grades used in structuring the transaction. He said NNPCL must also state the exchange rate applied to crude oil repayments and identify the quality of crude pledged or sold under the agreement.
According to the court, the information sought by HEDA poses no legal or commercial threat.
“The court does not agree that the disclosure of this information would harm any third-party interest or affect any contractual negotiation,” Justice Nwite said. He added that NNPCL failed to show how releasing the details would cause damage.
The judge noted that even if disclosure could affect third parties, the Freedom of Information Act allows the court to balance such concerns against public interest.
Public Interest Takes Priority
Justice Nwite held that the transaction has broad economic consequences for Nigerians, given the central role of the oil sector in the country’s economy. On that basis, he ruled that the court could not refuse the application.
He concluded that transparency was necessary because of the scale of the loan and its potential impact on national revenue and energy policy.
HEDA Welcomes Judgment
Reacting to the ruling, HEDA Chairman, Olanrewaju Suraju, described the decision as a major step toward accountability in Nigeria’s oil and gas sector.
He said the judgment strengthens public access to information on government borrowing and commercial arrangements involving public assets.
Suraju urged NNPCL to comply with the order without delay. He also called on the media and civil society groups to sustain pressure for transparency in the management of public resources.