KEY POINTS
- SERAP has sued NNPCL over alleged failure to account for ₦5.9bn spent on its rebranding and incorporation process.
- The group claims duplicate charges were made through NNPC and NAPIMS for the same transition exercise.
- SERAP is seeking court orders for full disclosure of spending details, contractors, and approving officials.
The Socio-Economic Rights and Accountability Project SERAP has filed a lawsuit against the Nigerian National Petroleum Company Limited NNPCL at the Federal High Court in Abuja, challenging its failure to account for about ₦5.9 billion reportedly spent on its incorporation and rebranding exercise.
The case, filed at the Federal High Court Abuja, questions how public funds were used during the transition from the Nigerian National Petroleum Corporation (NNPC) to its commercialised entity, NNPCL.
According to details referenced in the suit, NNPC reportedly spent ₦2.9 billion on incorporation costs, deducted from petroleum product proceeds.
In addition, the National Petroleum Investment Management Services (NAPIMS) allegedly charged another ₦2.9 billion to crude oil revenue for the same rebranding process.
SERAP argues that these overlapping payments raise concerns of duplication and lack of transparency, bringing the total questioned expenditure to ₦5.9 billion.
Background: NNPC Transition to NNPCL
The controversy stems from the restructuring of the Nigerian National Petroleum Corporation into a limited liability company, NNPCL, a move intended to improve efficiency, transparency, and profitability in the oil sector.
However, SERAP’s legal challenge raises fresh questions about the cost of the transition and how public funds were managed during the process.
