By Seun Ibiyemi
The Socio-Economic Rights and Accountability Project (SERAP) has called on Bola Tinubu to direct an investigation into the N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
The call was disclosed in a statement shared on the organisation’s account on the X (formerly Twitter) on Sunday, March 15, 2026.
SERAP urged the president to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the expenditure and identify the officials and contractors involved.
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According to the organisation, the probe should determine whether the reported spending complied with transparency and accountability standards and whether it represents value for public funds.
“We’ve urged President Bola Tinubu 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 N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL),” SERAP stated.
The organisation explained that the amount reportedly spent on the rebranding project came from two separate sources within the oil company’s operations.
According to SERAP, the NNPC allegedly 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, bringing the total to about N5.9 billion.
SERAP’s demand for an investigation comes amid growing scrutiny of NNPCL by lawmakers over alleged financial irregularities.
Recently, the Senate Committee on Public Accounts summoned the company’s former management, including its immediate past Group Chief Executive Officer, Mele Kyari, over alleged discrepancies amounting to about N210 trillion in the company’s audited financial statements covering the period from 2017 to 2023.
Lawmakers said they identified about N103 trillion recorded as accrued expenses in the company’s 2022 financial statements, including items such as retention fees, legal fees and audit fees, without detailed breakdowns.
The committee also raised questions about the N5.9 billion reportedly spent as incorporation expenses during the transition from NNPC to NNPCL.
