The Socio-Economic Rights and Accountability Project (SERAP) has urged 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) to the Nigerian National Petroleum Company Limited (NNPCL).
In a letter dated March 14, 2026, SERAP called on the president to direct the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to promptly probe the reported expenditure.
The organisation also asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify officials who approved and paid the funds, as well as the contractors who received them.
SERAP said the agencies should invite those involved for questioning and determine whether the procurement process complied with existing laws and financial regulations.
According to reports, the national oil company allegedly spent about ₦5.9 billion during the corporate transition that followed the enactment of the Petroleum Industry Act (PIA) in 2021.
The breakdown showed that about ₦2.9 billion was reportedly paid as incorporation expenses from petroleum product proceeds. Another ₦2.9 billion was said to have been charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS).
SERAP said Nigerians deserve full transparency over the spending.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the organisation said.
“Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.”
SERAP stressed that any investigation should determine whether the amount represented value for money and whether public funds were lawfully spent.
The group added that investigating the matter would help strengthen public confidence in government institutions and demonstrate the administration’s commitment to transparency and accountability in the oil sector.
SERAP also urged the government to prosecute anyone found responsible if there is sufficient admissible evidence and recover any misused public funds.
The organisation warned that if its recommendations are not acted upon within seven days, it may pursue legal action to compel compliance.
The transformation of the NNPC into the NNPCL followed provisions of the Petroleum Industry Act, which requires the national oil company to operate as a commercially oriented limited liability company wholly owned by the federal government.
SERAP argued that the Nigerian Constitution and international anti-corruption agreements require transparency in the management of public resources, including funds generated from the petroleum sector.
