The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to order an investigation into the alleged ₦5.9 billion 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, the organisation called on the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to examine the reported expenditure and ensure accountability.
The letter, signed by SERAP Deputy Director Kolawole Oluwadare, asked the government to involve the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in probing 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 read.
The organisation further requested that investigators identify officials who approved the payment 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 group said.
According to the group, 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 (NAPIMS) during the transition of the company into a limited liability entity.
SERAP maintained that a thorough probe would help strengthen transparency and accountability in the management of public funds in Nigeria’s 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 organisation said.
The civil society group also gave the Federal Government seven days to act on its request, warning that it may pursue legal action if no response is received within the timeframe.
The rebranding followed the implementation of the Petroleum Industry Act, which transformed the former state-owned corporation into a commercially oriented limited liability company wholly owned by the Federal Government.
