The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigerian National Petroleum Company Limited (NNPCL), seeking financial accountability for an alleged ₦5.9 billion spent on the incorporation, transition and rebranding of NNPC into NNPCL. Multiple reports say SERAP argues that NNPCL has not properly accounted for the expenditure and is therefore asking the court to compel the company to provide documentation showing how the funds were used.
SERAP is reported to be seeking a comprehensive reconciliation statement that details the specific financial transactions connected to the ₦5.9 billion cost. One report also states that NNPC allegedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the remainder relates to other parts of the transition and rebranding process.
The outlets agree that the matter is currently before the courts and focuses on whether NNPCL can provide adequate records and reconciliation for the alleged rebranding-related spending. No court decision has been reported in the available coverage.
