The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to order an investigation into the alleged spending of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026 and signed by SERAP Deputy Director, Kolawole Oluwadare, the group said there should be full transparency regarding the reported spending.
It asked Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies, to investigate 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.
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SERAP also asked the President to mandate the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to 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.
The organisation further urged the anti-corruption agencies to examine the procurement process for the project to determine whether it complied with existing financial regulations and procurement laws.
It added that anyone found responsible for wrongdoing should face prosecution, and 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 paid ₦2.9bn for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged ₦2.9bn 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 about ₦5.9bn spent on the rebranding and corporate transition process.
The group argued that investigating the expenditure would help strengthen transparency and accountability in the management of public funds in the petroleum sector.
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