The Socio-Economic Rights and Accountability Project (SERAP) has petitioned President Bola Tinubu to order a thorough investigation into the alleged expenditure of ₦5.9 billion on rebranding the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
In an open letter dated March 14, 2026, SERAP Deputy Director Kolawole Oluwadare demanded transparency regarding the reported spending, citing concerns over potential mismanagement of public funds.
The group urged Tinubu to direct Attorney General Lateef Fagbemi and anti-corruption agencies to probe the expenditure, identify officials involved, and recover any misused funds.
“SERAP urges you to direct the EFCC and ICPC to investigate the procurement process, identify those responsible, and ensure justice is served,” the letter stated.
According to reports, ₦2.9 billion was spent on incorporation expenses, while another ₦2.9 billion was charged against crude oil revenue, totaling ₦5.9 billion on rebranding and corporate transition.
SERAP emphasized that those found guilty of wrongdoing should face prosecution, and any recovered funds should be returned to the national treasury.
