SERAP Urges Tinubu To Investigate Alleged N5.9Billion Spent On NNPC Rebranding
SERAP Urges Tinubu To Investigate Alleged N5.9Billion Spent On NNPC Rebranding
SERAP also urged him “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 Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to urgently instruct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to promptly investigate the alleged ₦5.9 billion expenditure reportedly incurred on the rebranding of the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).
SERAP urged him “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 urged him “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.”
SERAP urged him “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 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.
In the open letter dated March 14, 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.
“Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.”
The letter called for an urgent, thorough, and independent investigation into the ₦5.9 billion spent on the rebranding project.
It stressed that the probe should assess whether the expenditure represented value for money, complied with transparency and accountability standards, and involved lawful use of public funds.
The letter emphasized that such an investigation would promote public confidence, demonstrate the government’s commitment to fighting corruption in the petroleum sector, and ensure any misused funds are identified and recovered.
The findings of the investigation were urged to be made public.
“We would be grateful if the recommended measures are taken within 7 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 read.
“According to reports, the N5.9 billion was allegedly spent as part of the corporate transition and rebranding process following the restructuring of the national oil company under the Petroleum Industry Act.”
The letter read, “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 (NAPIMS) during the transition of the company into a limited liability entity.
“This resulted in a combined total of about ₦5.9 billion spent simply to transition and rebrand the national oil company.
“The transformation of the national oil company from the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL) occurred following the enactment of the Petroleum Industry Act (PIA) 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government.”
