The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to urgently direct relevant authorities to investigate the reported expenditure of about ₦5.9 billion used in the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
The organisation asked the president to mandate the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies, to thoroughly examine the circumstances surrounding the spending.
SERAP specifically urged that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) be directed to identify the officials who approved and authorised the payments as well as the contractors who received the funds.
According to the organisation, those involved should be invited for questioning while the procurement process used for the rebranding project should also be investigated to determine whether it complied with public procurement laws and financial regulations.
SERAP further stressed that if credible evidence of wrongdoing is established, those responsible should be prosecuted and any public funds that may have been misused should be recovered and returned to the national treasury.
Reports indicate that about ₦2.9 billion was reportedly paid as incorporation expenses from petroleum product proceeds by the national oil company, while another ₦2.9 billion was allegedly charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS). The combined amount is estimated to be about ₦5.9 billion spent during the transition and rebranding exercise.
In an open letter dated March 14, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation emphasised the need for transparency and accountability regarding the reported expenditure.
SERAP stated that Nigerians deserve to know who authorised the spending, who received the funds, and whether due process was followed.
The organisation said any investigation should determine whether the amount spent represented value for money and whether it complied with financial regulations and transparency requirements.
According to SERAP, a thorough investigation would help strengthen public confidence in government institutions and demonstrate the administration’s commitment to accountability and the fight against corruption in the oil sector.
The group also noted that the federal government has a legal obligation to investigate credible allegations of corruption, prosecute those responsible, and recover any mismanaged public funds.
SERAP added that considering the magnitude of the reported expenditure and the importance of transparency in managing public resources in the petroleum sector, a prompt, independent, and transparent investigation is necessary. It further stated that the outcome of such an investigation should be made public.
The organisation gave the government seven days to act on its recommendations, warning that it may consider legal action to compel compliance in the public interest if no response is received within the timeframe.
The rebranding followed the restructuring of the national oil company under the Petroleum Industry Act 2021, which transformed the corporation into a commercially oriented limited liability company fully owned by the federal government.
SERAP also cited several legal provisions supporting its demand for accountability, including Sections 13, 15(5), and 16 of the Constitution of the Federal Republic of Nigeria 1999, which mandate public institutions to prevent corruption and ensure that national resources are managed for the benefit of citizens.
In addition, the organisation referenced Articles 5 and 9 of the United Nations Convention against Corruption, which require governments to promote transparency and accountability in the management of public funds.
SERAP further noted that Article 21 of the African Charter on Human and Peoples’ Rights recognises the right of citizens to freely benefit from their natural resources and provides that the misappropriation of such resources should lead to recovery and compensation.
SERAP Urges Tinubu to Probe Alleged ₦5.9bn Spent on NNPC Rebranding
