.png)
1 hour ago
1
The Socio-Economic Rights and Accountability Project (SERAP) has 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).”
SERAP urged him “to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning.”
SERAP also urged him “to direct the EFCC and ICPC to promptly investigate the procurement process for the rebranding project, including whether the contract was awarded in compliance with the procurement laws and financial regulations.”
SERAP urged him “to direct Mr Fagbemi and the EFCC and ICPC to ensure that those suspected to be responsible for any wrongdoing are brought to justice if there is sufficient admissible evidence, and that any public funds that may have been misused or mismanaged are recovered and returned to the national treasury.”
The NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose. In total, about N5.9 billion was spent by the NNPCL for the rebranding.
READ ALSO: APC slams ADC, says opposition either ignorant or blind to economic reforms impact
In the open letter dated 14 March 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding 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, read in part:
“Any investigation into the rebranding project should determine whether the ₦5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements.”
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government and the NNPCL to comply with our request in the public interest.”
The post ‘Probe alleged ₦5.9bn spent on rebranding NNPC to NNPCL’, SERAP tells Tinubu appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
