SERAP URGES TINUBU TO PROBE N5.9BN NNPC REBRANDING COST
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By ‘Sefiu Ajape
The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to order an 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.
The organisation urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to investigate the reported spending.
In an open letter dated March 14, 2026, and signed by SERAP Deputy Director, Kolawole Oluwadare, the group demanded full transparency regarding the expenditure.
“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 also asked the president to instruct the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who authorised 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 group said.
It further urged the agencies to review the procurement process for the project to determine whether it complied with existing financial regulations and procurement laws.
SERAP added that anyone found culpable should face prosecution and that 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 stated.
According to SERAP, the national oil company reportedly spent ₦2.9 billion on incorporation expenses drawn from petroleum product proceeds, while the National Petroleum Investment Management Services allegedly charged another ₦2.9 billion against crude oil revenue for the same purpose.
“According to reports, about ₦2.9 billion was reportedly charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was charged against crude oil revenue by the National Petroleum Investment Management Services during the transition of the company into a limited liability entity,” the letter added.
SERAP said the combined amount resulted in approximately ₦5.9 billion spent on the rebranding and corporate transition process.
The organisation argued that probing the expenditure would help strengthen transparency and accountability in the management of public funds within 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,” it said.
SERAP also gave the Federal Government seven days to respond to its request or risk legal action.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government and the NNPCL to comply with our request in the public interest,” the letter added.
The organisation noted that the rebranding of the national oil company followed the enactment of the Petroleum Industry Act, which mandated the corporation to transition into a commercially oriented limited liability company owned by the Federal Government.
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