A Federal High Court has granted an application filed by the Human and Environmental Development Agenda HEDA, ordering the Nigerian National Petroleum Company Limited to provide full details regarding a three billion dollar loan obtained from Afreximbank.
The ruling followed HEDA’s argument that the loan transaction raised significant transparency and accountability concerns. The organization contended that public funds and national assets were involved, making it imperative for Nigerians to understand the terms, utilization, and repayment structure of the facility.
In its judgment, the court held that NNPCL, as a publicly owned commercial entity, has a duty to disclose financial dealings that could affect national economic interests. The court directed the company to file an affidavit explaining the purpose of the loan, the repayment plan, collateral arrangements, and how the funds have been applied.
HEDA welcomed the ruling, describing it as a victory for transparency and democratic accountability. The group stated that access to such information would enable citizens to assess whether the loan aligns with national development priorities or exposes the country to financial risk.
NNPCL has yet to issue a detailed response, but industry observers note that the company has increasingly faced scrutiny since its transition into a limited liability entity. While the company operates commercially, critics argue that its monopoly position and public ownership necessitate higher disclosure standards.
Financial analysts say the loan may be linked to crude oil supply arrangements or infrastructure financing, but stress that clarity is essential to avoid speculation and maintain investor confidence.
The case has reignited debate over oversight of state owned enterprises, with civil society groups calling for stronger legislative and judicial checks to prevent mismanagement.
The court adjourned the matter to a later date for compliance, warning that failure to obey its order could attract sanctions.
