By Juliet Ezeh
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to urgently order a full investigation into the reported spending of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Company Limited (NNPCL), formerly the Nigerian National Petroleum Corporation (NNPC).
The watchdog organisation urged the president to direct the Lateef Fagbemi, as well as Nigeria’s anti-corruption agencies—the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC)—to identify officials and contractors responsible for the expenditure.
According to SERAP’s letter dated March 14, 2026, and signed by Deputy Director Kolawole Oluwadare, the sum allegedly spent on the transition includes ₦2.9 billion charged as incorporation expenses from petroleum product proceeds, and another ₦2.9 billion charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS). The combined figure has raised public concern over transparency in the management of Nigeria’s oil revenues.
SERAP emphasized that investigating the alleged spending would strengthen public confidence in the management of petroleum funds. The NGO urged that any wrongdoing should result in prosecution and the recovery of mismanaged funds. The group also set a seven-day deadline for the Federal Government to act, warning that failure to comply could lead to legal action to compel transparency.
The rebranding followed the Petroleum Industry Act, which transformed the NNPC into a commercially oriented limited liability company owned by the federal government. While the law allows for corporate transition, the size of the expenditure has triggered public scrutiny. Analysts note that effective oversight is essential to prevent misuse of public funds, especially in Nigeria’s oil sector, which historically faces challenges of financial mismanagement.
The story highlights government accountability, the role of EFCC and ICPC in monitoring high-value transactions, corporate governance in the oil sector during the NNPC-to-NNPCL transition, and the public interest urgency created by SERAP’s seven-day ultimatum.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.