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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for approximately ₦5.9 billion spent on the incorporation, transition, and rebranding of NNPC into NNPCL.
SERAP is seeking a court order to compel NNPCL to disclose details of the expenditure, including contractor identities, officials who authorised the spending, and whether due process was followed. The suit follows Senate committee concerns that the spending was “excessive and unjustifiable.”
Key Points:
Taxpayers deserve transparency on how public funds are spent on state-owned enterprises.
The Senate committee’s concerns suggest possible legislative scrutiny of NNPCL’s financial management.
A court order for disclosure could set a precedent for accountability in public corporations.
The ₦5.9 billion expenditure, if unjustified, represents a significant waste of oil revenues.
Nigerians have a right to know who authorised the spending and whether procurement laws were followed.
No date has been fixed for the hearing of the suit; NNPCL has not yet publicly responded to the allegations.
Sources: Nairametrics, Business Day
