The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) before a federal high court in Abuja over an alleged failure to account for approximately ₦5.9 billion reportedly spent on the incorporation, transition, and rebranding of the national oil company.
The advocacy organisation filed the suit at the federal high courtin Abuja, arguing that the public deserves a clear account of how the funds were utilised during the incorporation and rebranding process that transformed the former state oil corporation into a limited liability company under the Petroleum Industry Act.
SERAP is asking the court to order NNPCL to release records showing how the money was spent, identify contractors who benefited from the transactions, and disclose the officials who approved the payments.
According to the organisation, questions surrounding the expenditure emerged after concerns were reportedly raised during legislative oversight, prompting calls for greater transparency over the use of public resources.
In the suit, SERAP contends that Nigerians are entitled to know whether the spending complied with procurement regulations and whether it delivered value for money.
The group further argued that public confidence in state institutions depends on openness in the management of public funds, particularly in agencies handling strategic national assets.
SERAP’s legal team is also seeking access to financial records relating to the rebranding exercise, insisting that accountability should accompany the sweeping reforms that created NNPCL.
The case is expected to test the extent of the company’s obligation to disclose financial information following its transition into a commercially driven entity wholly owned by the Federal Government.
The court is yet to fix a date for hearing the matter.
