The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order a full investigation into the reported ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPC Ltd).
In an open letter dated March 14, 2026, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation called for full transparency regarding the expenditure. The letter was released publicly on Sunday, March 15.
“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.
The group also asked that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) identify officials who approved the payments 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 organisation said.
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SERAP further called for a review of the procurement process for the project to ensure it complied with existing financial regulations and procurement laws.
The organisation stressed that anyone found responsible for wrongdoing should be prosecuted and any misused public funds 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, reports indicate that about ₦2.9 billion was charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was allocated by the National Petroleum Investment Management Services during the company’s transition into a limited liability entity.
“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,” SERAP added.