The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL) concerning its alleged lack of transparency regarding approximately ₦5.9 billion spent on the incorporation, transition, and rebranding from NNPC to NNPCL. According to reports, NNPC utilized ₦2.9 billion from petroleum product proceeds for incorporation expenses. SERAP's lawsuit seeks to compel NNPCL to provide a detailed account of these expenditures, emphasizing the need for accountability in the management of public funds.
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