The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct an investigation into the N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
The call was disclosed in a statement shared on SERAP’s X account on Sunday, March 15, 2026.
The organisation asked the president to instruct Lateef Fagbemi, alongside anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the expenditure and identify the officials and contractors involved.
What they are saying
SERAP said the probe should determine whether the reported spending complied with transparency and accountability standards and whether it represents value for public 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 N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL),” the organisation stated.
The group explained that the amount reportedly spent on the rebranding project came from two separate sources within the oil company’s operations.
According to SERAP, the NNPC allegedly 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, bringing the total to about N5.9 billion.
More insights
SERAP’s demand for an investigation comes at a time when the Nigerian National Petroleum Company Limited (NNPCL) is facing scrutiny from lawmakers over alleged financial irregularities.
- Recently, the Senate Committee on Public Accounts summoned the company’s former management, including its immediate past Group Chief Executive Officer Mele Kyari, over alleged discrepancies amounting to N210 trillion in the company’s audited financial statements covering 2017 to 2023.
- Lawmakers said they identified about N103 trillion recorded as accrued expenses in the company’s 2022 financial statements, including items such as retention fees, legal fees and audit fees, without detailed breakdowns.
The committee also raised questions about the N5.9 billion reportedly spent as incorporation expenses during the transition from NNPC to NNPCL.
What you should know
SERAP is known for initiating legal actions and advocacy campaigns aimed at strengthening transparency and accountability in Nigeria’s public sector, including the oil and gas industry and financial institutions.
- In June 2025, the group filed a lawsuit against the Nigerian National Petroleum Company Limited, accusing it of failing to remit N500 billion in oil revenue to the Federation Account between October and December 2024.
- Later in December 2025, SERAP asked anti-corruption agencies to investigate alleged corruption within the Nigerian Midstream and Downstream Petroleum Regulatory Authority, following allegations raised by Aliko Dangote concerning the agency’s licensing practices and the personal spending of its chief executive, Farouk Ahmed, who has since resigned.
More recently, in February 2026, SERAP instituted legal proceedings against the Central Bank of Nigeria, seeking a full account of about N3 trillion in allegedly missing or diverted public funds, as well as explanations for N629 billion reportedly paid to unknown beneficiaries under the Anchor Borrowers’ Programme.
