SERAP urges Tinubu to order an NNPC rebranding probe over alleged ₦5.9bn spent during transition to Nigerian National Petroleum Company Limited

The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to order an NNPC rebranding probe into the alleged spending of about ₦5.9 billion on the transition of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.

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In an open letter dated March 14, 2026, the organisation asked Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies, to investigate the reported expenditure and ensure full transparency.

The letter, signed by SERAP Deputy Director Kolawole Oluwadare, said the investigation should determine how the funds were approved and spent during the rebranding process.

“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 stated.

The organisation also asked the president to mandate the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify the officials who approved the payments and the contractors who received the funds.

According to SERAP, the anti-corruption agencies should invite the relevant individuals for questioning and examine whether the procurement process complied with existing financial regulations and procurement laws.

“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 argued that any official found responsible for wrongdoing should face prosecution, while misused public funds should be recovered and returned to the national treasury.

According to the letter, available reports indicate that about ₦2.9 billion was 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 national oil company into a limited liability entity.

SERAP said the combined charges brought the total amount spent on the corporate transition and rebranding to approximately ₦5.9 billion.

The group maintained that a thorough investigation would 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 act on its request, warning that it could initiate legal action if the authorities fail to respond.

“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.

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The organisation noted that the rebranding of the national oil company followed the enactment of the Petroleum Industry Act, which required the corporation to transform into a commercially oriented limited liability company wholly owned by the Federal Government.