The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into the alleged spending of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation called for full transparency regarding the reported expenditure.
SERAP asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to investigate the spending.
“SERAP urges you to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited,” the letter stated.
The group also called on Tinubu to mandate the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who approved the payments and the contractors who received the funds.
“SERAP urges you to direct the EFCC and ICPC to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation said.
SERAP further urged the anti-corruption agencies to examine the procurement process for the project to determine whether it complied with existing financial regulations and procurement laws.
It added that anyone found responsible for wrongdoing should face prosecution, while any misused public funds should be recovered.
“SERAP urges you to direct Mr Fagbemi and the EFCC and ICPC to ensure that those suspected to be responsible for any wrongdoing are brought to justice if there is sufficient admissible evidence, and that any public funds that may have been misused or mismanaged are recovered and returned to the national treasury,” the letter added.
According to the organisation, reports indicate that about ₦2.9 billion was charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was reportedly charged against crude oil revenue by the National Petroleum Investment Management Services during the company’s transition to a limited liability entity.
SERAP said the combined charges amounted to roughly ₦5.9 billion spent on the rebranding and corporate transition process.
The organisation noted that investigating the expenditure would help strengthen transparency and accountability in the management of public funds in the petroleum sector.
“Investigating the alleged spending of the ₦5.9 billion would help promote transparency and accountability in the management of public funds and strengthen public confidence in government institutions,” the letter stated.
