The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over what it described as the company’s failure to account for approximately ₦5.9 billion allegedly spent on the incorporation, transition and rebranding of the NNPC into NNPCL.
SERAP said the NNPC reportedly paid ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged ₦2.9 billion to crude oil revenue for the same purpose, bringing the total to ₦5.9 billion.
The organisation is seeking “an order of mandamus to direct and compel the NNPCL to account for about ₦5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”
It is also asking the court to “direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors
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