The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into the alleged ₦5.9bn spent on rebranding the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026 and signed by its Deputy Director, Kolawole Oluwadare, SERAP asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside relevant anti-corruption agencies, to probe the expenditure and ensure transparency in the management of public funds.
The organisation also called for the involvement of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who approved the payment and the contractors who received the funds.
According to SERAP, those responsible should be questioned and prosecuted if wrongdoing is established.
SERAP further asked the anti-graft agencies to examine whether the procurement process for the rebranding complied with financial regulations and procurement laws, adding that any misused funds should be recovered and returned to the national treasury.
The group said reports indicated that about ₦2.9bn was charged as incorporation expenses from petroleum product proceeds, while another ₦2.9bn was reportedly charged against crude oil revenue by the National Petroleum Investment Management Services during the transition of the national oil company into a limited liability entity.
SERAP argued that investigating the alleged spending would strengthen transparency and accountability in Nigeria’s oil sector and help build public confidence in government institutions.
The organisation also gave the Federal Government seven days to act on its request or risk legal action to compel compliance.
The rebranding of the national oil company followed the implementation of the Petroleum Industry Act, which transformed the former corporation into a commercially oriented limited liability company owned by the Federal Government.
The Socio-Economic Rights and Accountability Project (SERAP) has urged Bola Ahmed Tinubu to order an investigation into the alleged ₦5.9bn spent on rebranding the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026 and signed by its Deputy Director, Kolawole Oluwadare, SERAP asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside relevant anti-corruption agencies, to probe the expenditure and ensure transparency in the management of public funds.
The organisation also called for the involvement of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who approved the payment and the contractors who received the funds.
According to SERAP, those responsible should be questioned and prosecuted if wrongdoing is established.
SERAP further asked the anti-graft agencies to examine whether the procurement process for the rebranding complied with financial regulations and procurement laws, adding that any misused funds should be recovered and returned to the national treasury.
The group said reports indicated that about ₦2.9bn was charged as incorporation expenses from petroleum product proceeds, while another ₦2.9bn was reportedly charged against crude oil revenue by the National Petroleum Investment Management Services during the transition of the national oil company into a limited liability entity.
SERAP argued that investigating the alleged spending would strengthen transparency and accountability in Nigeria’s oil sector and help build public confidence in government institutions.
The organisation also gave the Federal Government seven days to act on its request or risk legal action to compel compliance.
The rebranding of the national oil company followed the implementation of the Petroleum Industry Act, which transformed the former corporation into a commercially oriented limited liability company owned by the Federal Government.
