SERAP sues NNPC over alleged N5.9bn rebranding expenditure

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPC), demanding accountability for a substantial sum allegedly spent on the company's rebranding. The lawsuit, filed at the Federal High Court in Abuja, targets the NNPC's alleged failure to provide a clear accounting of approximately 5.9 billion naira.

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There is a legitimate public interest in the disclosure of the details sought.

SERAP's suit details that the NNPC reportedly allocated 2.9 billion naira from petroleum product proceeds and the National Petroleum Investment Management Services charged a similar amount to crude oil revenue for the incorporation, transition, and rebranding expenses. The organization argues that the public has a right to transparency regarding how these funds were utilized.

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The NNPCL has a legal responsibility to explain whether the N5.9bn expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements.

The organization is seeking a court order compelling the NNPC to furnish a comprehensive reconciliation statement. This statement should detail the specific financial transactions, identify the contractors involved, and explain how the funds were used for the rebranding from the Nigerian National Petroleum Corporation to NNPC Limited. SERAP also wants the court to direct the company to disclose the names and positions of government officials who authorized the expenditure.

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There ought to be full transparency and accountability regarding the reported N5.9bn spent on rebranding NNPC to NNPCL.

Furthermore, SERAP is pressing for clarification on whether the 5.9 billion naira expenditure adhered to applicable procurement laws and due-process requirements. The organization contends that transparency and accountability are paramount, especially concerning public funds within the petroleum sector. SERAP asserts that Nigerians have the right to know who approved the spending, who received the funds, the nature of services rendered, and whether due process was strictly followed.

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Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed.