The Socio-Economic Rights and Accountability Project has called on Bola Tinubu to immediately instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to investigate the alleged spending of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
SERAP urged the president “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 to the Nigerian National Petroleum Company Limited (NNPCL).”
The organisation also asked the president “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 further called on the government “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.”
It also urged the president “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.”
According to reports, the national oil company allegedly spent ₦2.9 billion as incorporation expenses drawn from petroleum product proceeds, while another ₦2.9 billion was charged against crude oil revenue by the National Petroleum Investment Management Services.
The combined figure brings the total amount used for the rebranding exercise to about ₦5.9 billion.
In an open letter dated March 14, 2026, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation stressed the need for transparency in the use of public funds.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL,” SERAP said.
The organisation added, “Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.”
The letter further stated: “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.”
“Investigating the alleged spending of the N5.9 billion would help promote transparency and accountability in the management of public funds and strengthen public confidence in government institutions.”
“Investigating the spending of the ₦5.9 billion would also demonstrate your government’s commitment to transparency, accountability and the fight against corruption in the oil sector.”
“Your government has a legal obligation to investigate credible allegations of corruption, prosecute those suspected to be responsible, and recover any misused or mismanaged public funds.”
SERAP maintained that the magnitude of the reported expenditure and the importance of accountability in the petroleum sector make it necessary for a thorough probe.
“Given the size of the reported expenditure and the importance of transparency in the management of public resources in the petroleum sector, there is an urgent need for a prompt, thorough, independent, transparent and effective investigation into the spending. The findings of any such investigation should be made public.”
The organisation warned that it may resort to legal action if the government fails to act.
“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.”
SERAP noted that “according to reports, the N5.9 billion was allegedly spent as part of the corporate transition and rebranding process following the restructuring of the national oil company under the Petroleum Industry Act.”
It added that “about ₦2.9 billion was reportedly charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS) during the transition of the company into a limited liability entity.”
“This resulted in a combined total of about ₦5.9 billion spent simply to transition and rebrand the national oil company.”
The organisation also referenced the legal framework guiding the transformation of the company, explaining that “the transformation of the national oil company from the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL) occurred following the enactment of the Petroleum Industry Act 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government.”
SERAP argued that the move aligns with constitutional and international obligations on transparency and accountability in the management of public resources.
“Section 13 of the Nigerian Constitution 1999 [as amended] requires all authorities to conform to and apply the provisions of Chapter II of the Constitution, while Section 15(5) mandates the government to abolish all corrupt practices and abuse of power.”
“Similarly, Section 16 of the Constitution requires the government to ensure that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.”
“Articles 5 and 9 of the UN Convention against Corruption require governments to ensure transparency and proper management of public funds.”
“Article 21 of the African Charter on Human and Peoples’ Rights, which has been domesticated in Nigeria through the African Charter (Ratification and Enforcement) Act, recognizes the right of peoples to freely dispose of their natural resources and provides that the misappropriation of such resources shall give rise to the right of the people to recovery and compensation.”
