SERAP Petitions Tinubu Over Alleged N5.9bn NNPC Rebranding Expense

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into the alleged expenditure of about N5.9 billion allegedly spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).

SERAP is specifically asking President Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) and appropriate anti-corruption agencies to identify the officials who approved and authorised the payment, as well as the contractor(s) who received the funds, and to invite them for questioning.

The civil society organisation, which made the demand in an open letter dated March 14, 2026, signed by its deputy director, Kolawole Oluwadare, listed the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) agencies that should be part of the investigation.

SERAP also urged the President to instruct the EFCC and ICPC to swiftly investigate the procurement process for the rebranding project, including whether the contract was awarded in compliance with procurement laws and financial regulations.”

It further urged him to direct Fagbemi and the anti-graft agencies to ensure that those suspected of wrongdoing are brought to justice if there is sufficient admissible evidence, and to recover and return any public funds that may have been misused or mismanaged to the national treasury.

SERAP accused the NNPCL of paying N2.9 billion for incorporation expenses from petroleum product proceeds, and that the National Petroleum Investment Management Services (NAPIMS) charged another N2.9 billion against crude oil revenue for the same purpose.

The organisation insisted that Nigerians have the right to know who approved this spending, who received the funds, and if proper procedures were followed.

The letter recommended that any investigation assess whether the N5.9 billion provided value for money, complied with legal standards, and met transparency requirements.

SERAP argued that such an inquiry would promote openness, rebuild public trust, and showcase the government’s commitment to accountability and anti-corruption efforts in the oil industry.

It noted that, given the scale of the expenditure and the importance of transparency in resource management, a swift, independent, and public investigation is crucial.

SERAP demands action within 7 days; otherwise, it will consider legal action to compel compliance.