March 15, 2026 — Nigeria News
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, along with the EFCC and ICPC, to investigate the alleged ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).
In an open letter dated March 14, 2026, and signed by SERAP deputy director Kolawole Oluwadare, the organisation called for a thorough investigation into the approval, payment, and procurement process for the rebranding project. SERAP emphasized that the probe should assess whether the expenditure complied with financial regulations, represented value for money, and involved lawful use of public funds.
The rebranding reportedly involved ₦2.9 billion in incorporation expenses from petroleum product proceeds and another ₦2.9 billion charged by the National Petroleum Investment Management Services (NAPIMS), totaling about ₦5.9 billion.
SERAP stressed that the investigation should identify responsible officials and contractors, recover any misused funds, and make the findings public to strengthen transparency and public confidence in government anti-corruption efforts.
“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 letter read.
The rebranding occurred following the Petroleum Industry Act (PIA) 2021, which transformed the NNPC into a commercially oriented limited liability company fully owned by the federal government.
— SUNTV Global Channel Reporting
