The Nigerian National Petroleum Company Limited (NNPCL) has been sued by the Socio-Economic Rights and Accountability Project (SERAP) at the Federal High Court in Abuja for allegedly failing to account for the approximately N5.9 billion that was spent on the incorporation, transition, and rebranding from NNPC to NNPCL. Recall that the National Petroleum Investment Management Services (NAPIMS) charged N2.9 billion to crude oil revenue for the same purpose, and the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds. The total amount spent on the rebranding of NNPC to NNPCL was N5.9 billion.
In the lawsuit filed over the weekend under the number FHC/ABJ/CS/1248/2026, SERAP is requesting an order of mandamus to instruct and compel the NNPCL to account for the approximately N5.9 billion purportedly spent on the rebranding.
The group is requesting that the court order and compel the NNPCL to submit a thorough reconciliation statement outlining the precise financial transactions associated with the N5.9 billion expenditure, including the names of the contractors involved and the manner in which the money was used to rebrand NNPC as NNPCL.
Among other things, it asks the court to order and compel the NNPCL to reveal the names and official positions of the government officials who authorized and approved the amount's release and expenditure, as well as to clarify whether the expenditure complied with applicable procurement laws and due-process requirements. Attorneys Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo filed the lawsuit on SERAP's behalf.
No date has been fixed for the hearing
