The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to order an immediate investigation into the reported ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
In a letter dated March 14, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation urged the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, to work with anti-corruption agencies to examine the expenditure.
SERAP specifically asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify officials who approved the payments and the contractors who received the funds, and invite them for questioning.
The organisation also requested that the agencies investigate whether the procurement process for the rebranding contract complied with Nigeria’s procurement laws and financial regulations.
According to reports referenced in the letter, about ₦2.9 billion was allegedly 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) during the transition process, bringing the total cost of the rebranding to approximately ₦5.9 billion.
SERAP said Nigerians deserve full disclosure about how the funds were spent, including who authorised the payments and whether the expenditure represented value for money.
The group stressed that a transparent investigation would strengthen public confidence in government institutions and demonstrate the administration’s commitment to accountability in the oil sector.
“If there is credible evidence of wrongdoing, those responsible should be prosecuted and any misused public funds should be recovered and returned to the national treasury,” the organisation stated.
SERAP also warned that it could pursue legal action if the government fails to respond within seven days of receiving the letter.
The rebranding followed the restructuring of the national oil company under the Petroleum Industry Act, which transformed the NNPC into a commercially oriented limited liability company fully owned by the federal government.
The organisation argued that investigating the reported expenditure aligns with constitutional provisions that require the government to prevent corruption and ensure that the nation’s resources are managed in the public interest.