SERAP Demands Disclosure of ₦5.9bn Spent on NNPC’s Transformation to NNPCL

The Socio-Economic Rights and Accountability Project has filed suit at the Federal High Court in Abuja asking NNPCL to explain how ₦5.9 billion was used during its incorporation, transition and rebranding from NNPC. SERAP says ₦2.9 billion was paid from petroleum product proceeds for incorporation, and another ₦2.9 billion came from crude oil revenues under NAPIMS for the transition process. The group wants a full reconciliation statement, names of contractors, services rendered and evidence of due-process compliance. The suit also seeks the names and positions of officials who approved the spending and proof that procurement laws were followed. SERAP argues Nigerians have a right to know if the funds represented value for money and complied with the Petroleum Industry Act. The organisation cited concerns raised by the Senate Committee on Public Accounts over the scale of the expenditure. No hearing date has been set.

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