SERAP sues NNPCL over ₦5.9bn rebranding cost

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL), demanding accountability for approximately ₦5.9 billion allegedly spent on the company's incorporation, transition, and rebranding. SERAP's lawsuit challenges the NNPCL's transparency regarding these significant expenditures.

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An order of mandamus to direct and compel the NNPCL to account for about ₦5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.

According to SERAP's filings, the NNPCL reportedly allocated ₦2.9 billion from petroleum product proceeds for incorporation expenses. An additional ₦2.9 billion was charged to crude oil revenue by the National Petroleum Investment Management Services for the same purpose, bringing the total to ₦5.9 billion. SERAP is seeking a court order to compel the NNPCL to provide a detailed reconciliation statement of these funds.

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Direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors involved, and how the funds were utilised for the rebranding of NNPC to NNPCL.

The organization specifically requests the court to direct the NNPCL to disclose the identities of the contractors involved, how the funds were utilized for the rebranding, and the names and positions of government officials who authorized and approved the expenditure. SERAP also wants clarification on whether the spending adhered to applicable procurement laws and due-process requirements.

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Direct and compel the NNPCL to disclose the names and official positions of the government officials who authorized and approved the release and expenditure of the ₦5.9 billion reportedly spent on the rebranding of NNPC to NNPCL, and to clarify whether the expenditure complied with applicable procurement laws and due-process requirements.

The lawsuit, filed at the Federal High Court in Abuja, follows concerns reportedly raised by the Senate Committee on Public Accounts regarding the expenditure. The committee allegedly described the spending as excessive and in need of further scrutiny. SERAP contends that there is a significant public interest in disclosing these details, asserting that Nigerians have the right to know how public funds are utilized and whether due process was followed.

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The Committee described the spending of the ₦5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest.