The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over what it describes as the company’s failure to account for about ₦5.9 billion spent on the incorporation, transition and rebranding of NNPC into NNPCL. SERAP says the matter concerns reported expenditures related to the change from NNPC to NNPCL, including costs connected to implementation of the corporate transition and rebranding.
According to reports, SERAP alleges that NNPC/NNPCL paid ₦2.9 billion for incorporation expenses using proceeds from petroleum products. SERAP’s case also seeks court orders requiring NNPCL to provide details of how the funds were used, including a comprehensive reconciliation statement and information on the specific financial transactions tied to the ₦5.9 billion figure.
The outlets report the same core allegation and the same general remedy sought: SERAP wants NNPCL compelled to produce accounting and reconciliation documents that break down the purported ₦5.9 billion rebranding and transition spending.
