The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to account for approximately N5.9bn reportedly spent on the incorporation, transition and rebranding of the Nigerian National Petroleum Corporation into NNPCL.
The suit, marked FHC/ABJ/CS/1248/2026, was filed last week before the Federal High Court in Abuja.
According to SERAP, the NNPC reportedly paid N2.9bn for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged N2.9bn to crude oil revenue for the same purpose, bringing the total expenditure on the transition and rebranding process to about N5.9bn.
In the suit, SERAP is seeking an order of mandamus compelling NNPCL to account for the expenditure and provide details of how the funds were spent.
Specifically, the organisation is asking the court to direct the company to provide “a comprehensive reconciliation statement detailing the specific financial
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