The Socio-Economic Rights and Accountability Project (SERAP) 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 (NNPC) into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026, signed by SERAP Deputy Director, Kolawole Oluwadare, the group demanded full transparency regarding the reported expenditure. It urged the President to direct the Lateef Fagbemi, who also serves as Minister of Justice, alongside anti-corruption agencies, to investigate the payments.
“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 called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to 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 letter stated.
The civil rights group also asked that the procurement process for the rebranding be examined to determine compliance with financial regulations and procurement laws. It emphasised that anyone found responsible should face prosecution and that 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 added.
According to SERAP, the NNPC reportedly spent ₦2.9 billion on incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) charged another ₦2.9 billion against crude oil revenue for the same purpose.
The group argued that investigating the ₦5.9 billion expenditure would promote transparency and accountability in the management of public funds in the petroleum sector and strengthen public confidence in government institutions.
