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The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to immediately direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to immediately investigate the alleged expenditure of approximately ₦5.9 billion reportedly incurred for the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).”
SERAP urged him “to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) to identify the officials who approved and paid the amounts, and the contractors who collected the money, and invite them for questioning.”
SERAP also urged him “to direct the EFCC and ICPC to immediately investigate the procurement process for the rebranding project, including whether the contract was awarded in accordance with procurement laws and financial regulations.”
SERAP urged him “to direct Mr Fagbemi and the EFCC and ICPC to ensure that those allegedly responsible for any wrongdoing are brought to justice if there is sufficient admissible evidence, and that public funds which may have been misused or mismanaged are recovered and returned to the state treasury.”
NNPC reportedly paid N2.9 billion towards establishment fees from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion towards crude oil revenues for the same purpose. In total, about N5.9 billion was spent by the NNPCL on rebranding.
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In an open letter dated March 14, 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “There must be full transparency and accountability regarding the reported ₦5.9 billion spent on changing the name of NNPC to NNPCL.”
SERAP said, “Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.”
The letter, in part, read:
“Any investigation into the rebranding project must determine whether the ₦5.9 billion represents value for money, a legitimate expenditure of public funds, and compliance with transparency and accountability requirements.”
“We would be grateful if the recommended steps are taken within 7 days of receipt and/or publication of this letter. If we have not heard from you by that time, SERAP will consider appropriate legal action to compel your government and the NNPCL to comply with our requests in the public interest.”
