The Socio-Economic Rights and Accountability Project (SERAP) has called on Nigerian President, Bola Tinubu “to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, and the 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 (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
In an open letter dated March 14, 2026 and signed by SERAP deputy director Kolawole Oluwadare, SERAP urged President Tinubu “to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (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.”
SERAP also wants Tinubu “to direct the EFCC and ICPC to promptly investigate the procurement process for the rebranding project, including whether the contract was awarded in compliance with the procurement laws and financial regulations.”
The organisation also urged the Nigerian leader “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.”
In the letter, the organisation stated that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose. In total, about N5.9 billion was spent by the NNPCL for the rebranding.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” SERAP said.
“Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed,” it added.
