SERAP Urges Tinubu To Probe ₦5.9bn NNPC Rebranding Cost

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged ₦5.9 billion rebranding cost of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.

In a Sunday statement cited by TVC News on the group’s official X handle, SERAP urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies, to investigate the expenditure.

SERAP further urges the president to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.

The statement reads, “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 ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).

“We also 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 further alleged that 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.

SERAP argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.

SERAP said, “There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”

SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.

“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,” the statement concluded.