NNPCL rebranding cost under scrutiny as SERAP files suit seeking accountability for ₦5.9bn allegedly spent on NNPC transition expenses

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited over its alleged failure to account for ₦5.9 billion said to have been spent on the incorporation, transition and rebranding of the former Nigerian National Petroleum Company (NNPC) into NNPCL.

Also read: SERAP urges Tinubu to probe ₦5.9bn NNPC rebranding

The suit, filed at the Federal High Court in Abuja under case number FHC/ABJ/CS/1248/2026, seeks an order compelling the oil company to provide full details of the expenditure, which reportedly covered incorporation and transition-related costs during its transformation under the Petroleum Industry Act 2021.

SERAP’s action follows claims that ₦2.9 billion was paid for incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was allegedly charged to crude oil revenue through the National Petroleum Investment Management Services, bringing the total to ₦5.9 billion.

The organisation is asking the court for an order of mandamus directing the Nigerian National Petroleum Company Limited to account for the full expenditure and disclose detailed reconciliation records.

It is also seeking disclosure of contractors involved, official approvals and the identities of government officials who authorised the spending.

SERAP is further requesting clarification on whether the alleged expenditure complied with procurement laws and due process requirements.

In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, the organisation said the expenditure raises serious concerns about transparency and accountability in the management of public resources.

The suit, filed through legal representatives Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, also referenced concerns reportedly raised by the Senate Committee on Public Accounts, which described the spending as excessive and requiring further scrutiny.

According to SERAP, there is a compelling public interest in ensuring full disclosure of how the ₦5.9bn NNPCL Rebranding Cost was incurred and whether it delivered value for money.

“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements,” the organisation said.

It added that Nigerians have the right to know the details of the transaction, including those who approved and received the funds, as well as the services rendered.

SERAP further argued that transparency in the matter is essential for public accountability and confidence in state-owned enterprises.

“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” it said.

The group maintained that failure to properly account for the expenditure reflects broader concerns about accountability within the national oil company.

It also cited provisions of the Nigerian Constitution, international anti-corruption treaties and the African Charter on Human and Peoples’ Rights in support of its case.