The Socio-Economic Rights and Accountability Project (SERAP) issued an open letter on March 14, 2026, urging President Bola Tinubu to probe the ₦5.9 billion expenditure reportedly used for rebranding the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).
The demand follows a Senate Committee on Public Accounts hearing where Chairman Senator Aliyu Wadada Ahmed criticized the costs as excessive for a corporate name change.
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Documents presented during the hearing revealed a potential duplication of incorporation expenses: ₦2.9 billion was sourced from petroleum product proceeds via the NNPC, while an identical ₦2.9 billion was charged against crude oil revenue through the National Petroleum Investment Management Services (NAPIMS).
This double-charging resulted in the multi-billion naira total now under scrutiny.SERAP’s deputy director, Kolawole Oluwadare, called for the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies—the EFCC and ICPC to identify and question the officials who authorized these payments and the contractors who received the funds.
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The organization argues that the investigation is necessary to determine if the procurement process complied with existing financial regulations and if the expenditure represents value for money.
Beyond the rebranding costs, the Senate Committee highlighted significant discrepancies in NNPCL’s financial reporting, involving figures totaling ₦210 trillion that remained insufficiently explained.
SERAP maintains that full transparency regarding these funds is essential to restoring public confidence in the management of the nation’s petroleum resources.
Source: Channelstv
