SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over an alleged ₦5.9 billion expenditure linked to the incorporation, transition and rebranding of the former Nigerian National Petroleum Corporation (NNPC) into NNPCL.

The lawsuit, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/1248/2026, seeks an order compelling NNPCL to provide a comprehensive account of how the funds were spent and whether all approvals and procurement procedures were properly followed.

According to SERAP, the disputed amount comprises about ₦2.9 billion reportedly spent on incorporation expenses from petroleum product proceeds and another ₦2.9 billion allegedly charged by the National Petroleum Investment Management Services (NAPIMS) to crude oil revenues for the transition process.

The rights group is asking the court to direct NNPCL to release a detailed reconciliation statement showing all financial transactions related to the expenditure. SERAP is also seeking information on contractors involved in the rebranding exercise, the services they rendered, and the amounts paid to them.

In addition, SERAP wants NNPCL to disclose the identities and official positions of government officials who approved and authorized the expenditure. The organization argues that Nigerians have a constitutional right to know how public resources were utilized during the transformation of NNPC into NNPCL.

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The suit was filed by SERAP’s legal team, including Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo. According to the organization, transparency and accountability are essential in the management of public funds, particularly in the oil and gas sector, which remains one of Nigeria’s most important sources of revenue.

SERAP maintained that the public deserves answers regarding who approved the spending, who received the funds, and whether the expenditure represented value for money. The organization further argued that the alleged failure to account for the funds raises concerns about public trust and good governance.

The lawsuit also references concerns reportedly raised by the Senate Committee on Public Accounts, which questioned the size of the expenditure and reportedly called for further explanations and legislative scrutiny.

Before approaching the court, SERAP had written to President Bola Tinubu, urging him to direct anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the reported spending and identify those responsible for approving and receiving the funds.

According to SERAP, the matter goes beyond financial disclosure and touches on broader issues of accountability, transparency and responsible management of national resources. The organization contends that failure to provide details of the expenditure may be inconsistent with constitutional provisions designed to promote openness in public administration.

SERAP also cited Nigeria’s obligations under international anti-corruption frameworks, including the United Nations Convention Against Corruption (UNCAC) and the African Charter on Human and Peoples’ Rights, which emphasize transparency and accountability in the management of public resources.

The transformation of NNPC into NNPCL followed the implementation of the Petroleum Industry Act (PIA) 2021, which restructured the national oil company into a commercially oriented limited liability company wholly owned by the Federal Government. The transition was officially unveiled in July 2022 as part of efforts to reform Nigeria’s petroleum industry and improve operational efficiency.

As of the time of filing this report, no hearing date has been fixed for the case, while NNPCL has not publicly responded to the allegations contained in the lawsuit.

SERAP Takes NNPCL to Court Over Alleged ₦5.9bn Rebranding Expenditure