The Socio-Economic Rights and Accountability Project (SERAP) has called on Bola Tinubu to order an investigation into the alleged expenditure of about ₦5.9 billion linked to the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited (NNPCL).
In an open letter dated March 14, 2026, the civil society group asked the president to direct Lateef Fagbemi, Attorney General of the Federation and Minister of Justice, along with relevant anti-corruption agencies, to investigate the reported spending and ensure transparency in the process.
The letter, signed by SERAP’s Deputy Director Kolawole Oluwadare, urged authorities to establish how the funds were approved and disbursed, and whether the procurement process complied with existing financial and procurement regulations.
SERAP also called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify officials involved in approving the payments, as well as the contractors who received the funds.
According to the group, available reports suggest that ₦2.9 billion was charged as incorporation expenses from proceeds of petroleum product sales, while another ₦2.9 billion was reportedly charged against crude oil revenue through the National Petroleum Investment Management Services (NAPIMS) during the transition of the company to a limited liability entity.
SERAP said the combined figures amount to approximately ₦5.9 billion spent on the corporate transition and rebranding exercise.
The organisation added that a thorough investigation would help strengthen transparency and accountability in the management of public resources within the petroleum sector.
It further urged authorities to ensure that any officials found responsible for wrongdoing are prosecuted if sufficient evidence exists, and that any mismanaged public funds are recovered and returned to government coffers.
SERAP also gave the Federal Government seven days to respond to its request, warning that it could pursue legal action if no steps are taken.
The rebranding of the national oil company followed reforms introduced under the Petroleum Industry Act, which required the former state corporation to be converted into a commercially oriented limited liability company fully owned by the federal government.