The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to launch a full-scale investigation into the alleged N5.9 billion spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).
The organisation is demanding accountability from government officials and contractors involved in the process.
In an open letter dated March 14, 2026, and signed by SERAP Deputy Director Kolawole Oluwadare, the group called for transparency regarding the reported spending, urging the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, to work with anti-corruption agencies in examining the transaction.
“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 N5.9 billion reportedly spent on the rebranding of the NNPC to NNPCL,” the letter read.
The civil society organisation also requested that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) identify the officials who approved the payment and the contractors who received the funds.
SERAP emphasised that anyone found culpable should face prosecution, and 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 reports cited by SERAP, the NNPC reportedly paid N2.9 billion in incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services charged an additional N2.9 billion against crude oil revenue for the transition into a limited liability company.
Combined, these expenditures amount to approximately N5.9 billion.
The organisation stressed that investigating the expenditure is critical for promoting transparency, ensuring proper management of public funds, and reinforcing public confidence in government institutions, particularly in the petroleum sector.
“Investigating the alleged spending of the N5.9 billion would help promote transparency and accountability in the management of public funds and strengthen public confidence in government institutions,” SERAP concluded.
The call for investigation comes amid heightened scrutiny of public sector spending and ongoing concerns about accountability in Nigeria’s oil and gas sector.
