The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to order an immediate investigation into the alleged expenditure of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026, and signed by its Deputy Director, Kolawole Oluwadare, the anti-corruption organisation urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-graft agencies to probe the spending.
SERAP specifically asked that the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission identify officials who approved and disbursed the funds, as well as contractors who received the payments, and invite them for questioning.
The organisation also requested that investigators review the procurement process for the rebranding project to determine whether the contract complied with procurement laws and financial regulations.
According to SERAP, reports indicate that the NNPC paid about ₦2.9 billion as incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged ₦2.9 billion against crude oil revenue for the same purpose during the transition of the corporation to a limited liability company.
The group said the combined spending of about ₦5.9 billion on the rebranding raises serious transparency and accountability concerns.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the organisation said in the letter, noting that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.
SERAP urged the government to ensure that anyone found responsible for wrongdoing is prosecuted if there is sufficient evidence, and that any misused public funds are recovered and returned to the national treasury.
The organisation added that a thorough investigation would demonstrate the government’s commitment to transparency and the fight against corruption in the oil sector.
SERAP warned that if its recommendations were not acted upon within seven days of receiving the letter, it would consider legal action to compel the government and the NNPCL to comply in the public interest.
The rebranding followed the restructuring of the national oil company under the Petroleum Industry Act, which required the former corporation to transform into a commercially oriented limited liability company fully owned by the federal government.
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