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SERAP Sues NNPC Ltd over ₦5.9bn Incorporation, Rebranding Expense
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPC Ltd) to court over the oil major’s failure to account for approximately ₦5.9 billion expended its incorporation, transition and rebranding from the NNPC into NNPC Ltd.
According to the SERAP, the NNPC Ltd paid over ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged a similar amount against the crude oil revenue for the same purpose, bringing the total to ₦5.9 billion.
Consequently, the organisation is seeking “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.”
It is also asking the court to “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.”
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The SERAP further asked the court to “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 order of mandamus is contained in suit number FHC/ABJ/CS/1248/2026 filed at the Federal High Court in Abuja, according to a statement issued on Sunday by the NGO’s Deputy Director, Kolawole Oluwadare.
Filed on behalf of the SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, the suit also noted that the Senate Committee on Public Accounts reportedly raised concerns over the expenditure described as incorporation and transition costs during the transformation process.
“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,” the SERAP noted.
The SERAP argued that there is a legitimate public interest in the disclosure of the details sought.
“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed,
“The disclosure of the identities of the officials involved and the processes followed in approving the expenditure would enable the public to assess whether the expenditure was properly authorized, represented value for money, and was undertaken in accordance with due process and procurement requirements,” it said.
It added that, given the size of the expenditure, there is “an urgent need for a prompt, thorough, and transparent disclosure of the details surrounding the spending of the funds.”
It further stated that “the failure to account for the spending of the ₦5.9 billion on rebranding from NNPC to NNPCL reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles.”
The SERAP added that the transformation of the national oil company from the NNPC to the NNPC Ltd followed the Petroleum Industry Act (PIA) 2021, which required it to become a commercially oriented limited liability company fully owned by the federal government.
It also cited constitutional and international provisions, including Section 13 and Section 15(5) of the Constitution, as well as Articles 5 and 9 of the UN Convention against Corruption and Article 21 of the African Charter on Human and Peoples’ Rights, to support its arguments.
No date has been fixed for the hearing of the suit.
Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.
She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.
Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”
In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”
Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.
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In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.
President Bola Ahmed Tinubu has congratulated Nigeria’s U-17 women’s national football team, the Flamingos, following their historic qualification for the final of the 2026 FIFA U-17 Women’s World Cup in Morocco.
The President commended the team for their impressive 3-1 victory over Brazil in Wednesday’s semi-final, describing their achievement as a remarkable milestone that has brought immense pride and joy to Nigerians at home and abroad.
In a statement issued on Thursday, November 5, by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu also praised the coaching crew and everyone whose hard work and support contributed to the team’s successful campaign.
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With the Flamingos set to face Japan in the final, the President urged the players to remain focused, confident and determined as they pursue the historic world title.
“I encourage you to approach the final with the same fighting spirit and belief that have brought you this far. I have confidence in your ability to make history by winning the coveted world title,” he said.
Tinubu also called on Nigerians to rally behind the young players, describing them as national ambassadors whose achievements continue to showcase the country’s sporting excellence.
He said the team’s performance would inspire a new generation of girls to pursue their dreams without limitations.
“Once again, Nigeria is proud of you. Go for the trophy, Flamingos!” the President added.
The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.
The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.
According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.
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The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.
The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.
NNPC Records ₦509bn September Profit
On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.
The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.
Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.
Crude Oil and Gas Production
The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.
Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.
The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.
Pipeline Infrastructure Records Progress
On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.
The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.
According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.
For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.
NNPC Reports 54% Retail Station Availability
The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.
A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.
NNPC Outlines Strategic Production Efforts
On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.
The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.
These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.
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