The Socio-Economic Rights and Accountability Project (SERAP) has urged Bola Tinubu to order an investigation into the alleged ₦5.9 billion spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
In a statement issued on Sunday via its official X account, the group asked the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to investigate the expenditure.
SERAP also called for officials who authorized the payments and the contractors who handled the rebranding project to be identified and invited for questioning.
According to the organisation, the president should instruct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to determine who approved the spending and who received the 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 ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL),” the statement said.
SERAP alleged that about ₦2.9 billion was reportedly paid for incorporation expenses from petroleum product proceeds by the NNPC, while the National Petroleum Investment Management Services (NAPIMS) allegedly charged another ₦2.9 billion against crude oil revenue for the same purpose.
According to the group, the combined expenditure brought the total cost of the rebranding to about ₦5.9 billion.
SERAP argued that Nigerians have the right to know how the funds were spent and whether due process was followed.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” the group stated.
It added that any investigation should determine whether the spending represented value for money, lawful use of public funds, and compliance with transparency and accountability requirements.
