SUN MAR 15 2026-theGBJournal| The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi and Nigeria’s security agencies to investigate the expenditure of N5.9 billion reportedly used to rebrand the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
The civil society organisation also urged the President 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.
In a statement, SERAP said 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.
”There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.
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,” SERAP said.
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