SERAP sues NNPCL over ‘failure to account for ₦5.9 billion rebranding cost’

Crime Diary

ABUJA, Nigeria (NPA) —The Socio‑Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for approximately ₦5.9 billion reportedly spent on the incorporation, transition, and rebranding of NNPC into NNPCL.

According to reports, NNPC paid ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) charged another ₦2.9 billion to crude oil revenue for the same purpose, bringing the total rebranding cost to ₦5.9 billion.

In suit number FHC/ABJ/CS/1248/2026 filed at the Federal High Court in Abuja, SERAP is seeking an order of mandamus to compel NNPCL to account for the expenditure. The group is asking the court to direct NNPCL to provide a comprehensive reconciliation statement detailing the financial transactions, the contractors involved, and how the funds were utilised.

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SERAP also wants NNPCL to disclose the names and positions of government officials who authorised the release of the funds, and to clarify whether the expenditure complied with procurement laws and due‑process requirements.

The organisation argues that Nigerians have a right to know who approved the spending, who received the funds, and whether the rebranding represented value for money.

The suit, filed by SERAP lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, describes the spending as a grave violation of public trust and a breach of constitutional and international anti‑corruption obligations. SERAP insists that transparency and accountability are urgently needed in the management of public resources within the petroleum sector.

The Senate Committee on Public Accounts has reportedly raised concerns about the expenditure, describing it as excessive and unjustifiable, and calling for further investigation and legislative scrutiny.

The transformation of NNPC into NNPCL followed 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.

SERAP maintains that the failure to account for the ₦5.9 billion undermines public confidence and violates constitutional provisions mandating transparency and the abolition of corrupt practices.