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 reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
In an open letter dated March 14, 2026, SERAP urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies to investigate the expenditure and ensure accountability where necessary.
The organisation specifically asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify officials who approved the expenditure, contractors who received the funds, and to invite them for questioning.
SERAP also urged the agencies to examine the procurement process for the rebranding project to determine whether the contract was awarded in compliance with procurement laws and financial regulations.
According to the civic group, the national oil company allegedly paid about ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) reportedly charged another ₦2.9 billion against crude oil revenue for the same purpose, bringing the total expenditure to approximately ₦5.9 billion.
In the letter signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation stressed the need for transparency and accountability in the management of public resources.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the letter stated, adding that Nigerians have the right to know who approved the expenditure, who received the funds and whether due process was followed.
SERAP further noted that any investigation should determine whether the expenditure represented value for money and complied with transparency and accountability requirements.
The group said a thorough probe would help strengthen public confidence in government institutions and demonstrate the administration’s commitment to tackling corruption in the oil sector.
It also urged authorities to ensure that anyone found responsible for wrongdoing is prosecuted and that any misused public funds are recovered and returned to the national treasury.
SERAP gave the Federal Government seven days to act on its request, warning that it may pursue legal action if the government and the NNPCL fail to respond within the stipulated period.
The rebranding followed the restructuring of the national oil company under the Petroleum Industry Act, which transformed the NNPC into a commercially oriented limited liability company wholly owned by the Federal Government.
The organisation cited provisions of the Constitution of the Federal Republic of Nigeria, which require government authorities to combat corruption and ensure that national resources are managed for the benefit of the public.
