‘Probe alleged ₦5.9 billion spent on rebranding NNPC to NNPCL’, SERAP tells Tinubu

2026-03-15 - 09:26

The Socio-Economic Rights and Accountability Project (SERAP) has 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 ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).” SERAP urged him “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 also urged him “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.” SERAP urged him “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.” The NNPC reportedly 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. In total, about N5.9 billion was spent by the NNPCL for the rebranding. In the open letter dated 14 March 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.” SERAP said, “Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.” The letter, read in part: “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.” “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.” “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.” “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. “ “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 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 (PIA) 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government.” “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.”