The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Ahmed Tinubu to order an investigation into the reported ₦5.9 billion spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
In a letter dated 14 March 2026, SERAP urged the president to direct the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to investigate the spending and identify those involved.
The organisation asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to determine which officials approved the payments and the contractors who received the funds.
SERAP also called for a review of the procurement process to establish whether the rebranding contract complied with public procurement laws and financial regulations.
The letter, signed by SERAP deputy director Kolawole Oluwadare, said Nigerians deserve full transparency over the reported expenditure.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the organisation said.
SERAP added that the investigation should determine whether the spending represented value for money and whether public funds were used lawfully.
According to reports cited by the group, about ₦2.9 billion was paid as incorporation expenses from petroleum product proceeds. Another ₦2.9 billion was reportedly charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS), bringing the total cost to roughly ₦5.9 billion.
The spending was linked to the transition of the national oil company following the passage of the Petroleum Industry Act. The law required the corporation to become a commercially oriented limited liability company fully owned by the federal government.
SERAP argued that investigating the alleged expenditure would strengthen public trust in government institutions and reinforce the fight against corruption in Nigeria’s oil sector.
The group asked the government to act within seven days, warning that it may pursue legal action if authorities fail to respond.
FAQ
Why is SERAP asking for an investigation?
SERAP says Nigerians have the right to know how ₦5.9 billion was spent on rebranding the national oil company and whether the process followed procurement laws.
What agencies were asked to investigate?
The organisation urged the EFCC and ICPC to investigate the payments and procurement process.
What is NNPCL?
NNPCL is the new corporate form of Nigeria’s national oil company, created after the Petroleum Industry Act required the former NNPC to become a limited liability company.
What could happen if wrongdoing is found?
SERAP says any officials responsible should face prosecution and any misused funds should be recovered and returned to the national treasury.
