The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Nigerian National Petroleum Company Limited (NNPCL), asking the Federal High Court in Abuja to compel the company to explain the alleged ₦5.9 billion spent on its transition and rebranding from NNPC to NNPCL.
In the suit, filed at the Federal High Court, SERAP is challenging what it describes as the lack of transparency surrounding the incorporation and restructuring costs linked to the national oil company’s transformation.
The organisation claims that about ₦2.9 billion was reportedly charged to petroleum product proceeds for incorporation expenses, while another ₦2.9 billion was allegedly drawn from crude oil revenue through the National Petroleum Investment Management Services, bringing the total to ₦5.9 billion.
SERAP is seeking a court order compelling NNPCL to provide a detailed breakdown of the expenditure, including full reconciliation of transactions, the identities of contractors involved, and how the funds were applied in the rebranding process.
The group is also requesting disclosure of the officials who approved and authorised the spending, as well as clarification on whether due process and procurement laws were followed.
The suit, marked FHC/ABJ/CS/1248/2026, was filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo. According to a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, the Senate Committee on Public Accounts had earlier raised concerns over the expenditure.
The committee reportedly described the ₦5.9 billion cost as excessive and called for further scrutiny and explanation.
SERAP argued that the matter raises significant public interest concerns, insisting that Nigerians are entitled to clarity on how public funds were used during the transition process.
It maintained that NNPCL has a responsibility to demonstrate that the expenditure was lawful, properly approved, and provided value for money, stressing the need for transparency in public financial management.
The group further stated that disclosing the officials involved and the approval processes would allow citizens to assess compliance with procurement regulations and accountability standards.
According to SERAP, the scale of the expenditure makes immediate and detailed disclosure necessary, warning that failure to account for the funds reflects broader concerns about transparency within the organisation.
It added that the restructuring of NNPC into NNPCL was carried out under the Petroleum Industry Act (PIA) 2021, which converted the company into a commercially oriented entity fully owned by the federal government.
SERAP also cited constitutional provisions and international anti-corruption frameworks, including the Nigerian Constitution, the United Nations Convention against Corruption, and the African Charter on Human and Peoples’ Rights, as part of its legal basis.
No date has yet been fixed for the hearing of the case.