The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking details of an alleged ₦5.9 billion spent on the incorporation, transition and rebranding of the former Nigerian National Petroleum Corporation.
The suit, filed at the Federal High Court in Abuja, is asking the court to compel NNPCL to provide a comprehensive breakdown of the expenditure and disclose how the funds were used.
SERAP alleges that ₦2.9 billion was deducted from petroleum product proceeds for incorporation expenses, while another ₦2.9 billion was charged to crude oil revenue through the National Petroleum Investment Management Services, bringing the total amount in question to about ₦5.9 billion.
The organisation is also seeking the identities of contractors involved in the exercise, as well as the names of government officials who approved and authorised the spending.
According to SERAP, Nigerians have a right to know how public funds were spent, particularly in the petroleum sector, where transparency and accountability remain critical.
The group is further asking the court to determine whether due process was followed and whether the expenditure complied with procurement laws and regulations.
SERAP argues that a full reconciliation of the spending is necessary to establish if the project delivered value for money and met legal requirements.
The case is yet to be heard, while NNPCL has not publicly responded to the allegations contained in the lawsuit.
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