SERAP Sues Nigerian National Oil Company NNPCL Over Alleged N5.9Billion Spent On Rebranding
SERAP Sues Nigerian National Oil Company NNPCL Over Alleged N5.9Billion Spent On Rebranding
SERAP noted that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion to crude oil revenue for the same purpose, bringing the total amount spent on the rebranding of NNPC to NNPCL to N5.9 billion.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) “over its failure to account for approximately N5.9 billion reportedly spent on the incorporation, transition, and rebranding of NNPC into NNPCL.”
SERAP noted that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion to crude oil revenue for the same purpose, bringing the total amount spent on the rebranding of NNPC to NNPCL to N5.9 billion.
In suit number FHC/ABJ/CS/1248/2026, filed last week at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling the NNPCL to account for approximately N5.9 billion allegedly spent on rebranding the NNPC to NNPCL.
SERAP is asking the court to “direct and compel the 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.”
SERAP is also asking the court to “direct and compel the NNPCL to disclose the names and official positions of the government officials who authorized and approved the release and expenditure of the N5.9 billion reportedly spent on the rebranding of NNPC to NNPCL, and to clarify whether the expenditure complied with applicable procurement laws and due-process requirements.”
In the suit, SERAP argued that there is a clear public interest in disclosing details of the reported N5.9 billion spent on rebranding the NNPCL, insisting that the organisation has a legal duty to account for whether the expenditure was properly approved, followed due process, and delivered value for money.
The group further maintained that Nigerians are entitled to full transparency regarding who authorised the spending, the beneficiaries of the funds, and the nature of services rendered, stressing the need to determine compliance with procurement regulations.
It added that revealing the identities of officials involved and the approval process would help the public assess whether the funds were lawfully spent and properly justified.
SERAP also called for a prompt and comprehensive disclosure of all details surrounding the expenditure, citing the size of the sum and the importance of accountability in the management of public resources in the petroleum sector.
The suit filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “The alleged spending of the N5.9 billion suggests a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s international anticorruption obligations.
“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.
“The refusal or failure of the NNPCL to provide a detailed account of the expenditure undermines the right of access to information concerning the management of public resources.
“Senate Committee on Public Accounts reportedly raised serious concerns regarding the expenditure of the N5.9 billion described as incorporation and transition expenses allegedly incurred during the process of transforming the NNPC into the NNPCL.
“The Committee described the spending of the N5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest.”
“The transformation of the national oil company from the NNPC into the NNPCL occurred following the enactment of the Petroleum Industry Act (PIA) 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government,” it said.
No date has been fixed for the hearing of the suit.
