A Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPCL) to release full details of the emergency $3 billion “crude-for-cash” loan it secured from the African Export-Import Bank (Afreximbank).
Justice Emeka Nwite gave the order while delivering judgment in Suit No. FHC/ABJ/CS/1631/2023, filed by the HEDA Resource Centre under the Freedom of Information (FOI) Act. The suit was argued on behalf of HEDA by its counsel, Seidu Mohammed.
Granting HEDA’s application for an order of mandamus, the court ordered NNPCL to provide comprehensive information on the loan, including its expected benefits to the company and the wider Nigerian economy, as well as its short- and long-term economic implications.
The court further directed NNPCL to disclose the specific crude oil grades used to negotiate the loan, the exchange rate applied for crude repayment, and the quality of the oil pledged or supplied as collateral under the agreement.
Justice Nwite ruled that the information sought was neither sensitive nor harmful, stressing that NNPCL had no lawful basis to withhold it under the FOI Act.
“The court does not agree that disclosure of this simple information would harm any third-party interest or undermine contractual negotiations, especially where no evidence of such harm has been presented,” the judge held.
He added that even if disclosure were capable of affecting third-party interests, Section 15(4) of the FOI Act empowers the court to balance such concerns against the overriding public interest.
Given the significant economic impact of the transaction and the central role of the oil sector in Nigeria’s economy, the court said it could not justifiably deny the application.
Reacting to the ruling, HEDA Chairman, Olanrewaju Suraju, described the judgment as a major boost for transparency and accountability in Nigeria’s oil and gas sector.
According to him, the decision represents a milestone in HEDA’s advocacy for openness in public finance and sets an important precedent for citizens’ access to information on government loans and major financial transactions.
Suraju urged NNPCL to comply fully and promptly with the court’s directive, while calling on the media, civil society groups and other stakeholders to sustain pressure for accountability in public institutions.
