The Socio-Economic Rights and Accountability Project (SERAP) has urged 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 (NNPC) to the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026, SERAP called on the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies to probe the spending and ensure accountability.
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The organisation also urged the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who approved and paid the funds, as well as contractors who received the money.
In the letter signed by SERAP Deputy Director Kolawole Oluwadare, the group stressed the need for transparency over the reported spending.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the letter stated.
SERAP added that Nigerians deserve to know how the funds were approved and disbursed.
“Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed,” the organisation said.
The group further asked the anti-corruption agencies to investigate the procurement process for the rebranding project to determine whether the contract complied with procurement laws and financial regulations.
“Any investigation into the rebranding project should determine whether the ₦5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” SERAP said.
According to the organisation, probing the alleged spending would help strengthen public confidence in government institutions and demonstrate commitment to the fight against corruption in the oil 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 warned that anyone found responsible for wrongdoing should be prosecuted and any misused public funds recovered.
“Your government has a legal obligation to investigate credible allegations of corruption, prosecute those suspected to be responsible, and recover any misused or mismanaged public funds,” the group said.
According to reports cited by the organisation, the national oil company allegedly spent ₦2.9 billion on incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged ₦2.9 billion against crude oil revenue for the same purpose during the transition.
The expenditure was reportedly part of the corporate restructuring that followed the enactment of the Petroleum Industry Act, which transformed the former Nigerian National Petroleum Corporation into a commercially oriented limited liability company fully owned by the federal government.
SERAP gave the government seven days to respond to its demands.
“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 compliance in the public interest,” the organisation said.
