The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct an investigation into the N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
The call was disclosed in a statement shared on SERAP’s X account on Sunday, March 15, 2026.
The organisation asked the president to instruct Lateef Fagbemi, alongside anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the expenditure and identify the officials and contractors involved.
SERAP said the probe should determine whether the reported spending complied with transparency and accountability standards and whether it represents value for public funds.
The group explained that the amount reportedly spent on the rebranding project came from two separate sources within the oil company’s operations.
According to SERAP, the NNPC allegedly 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, bringing the total to about N5.9 billion.
SERAP’s demand for an investigation comes at a time when the Nigerian National Petroleum Company Limited (NNPCL) is facing scrutiny from lawmakers over alleged financial irregularities.
The committee also raised questions about the N5.9 billion reportedly spent as incorporation expenses during the transition from NNPC to NNPCL.
SERAP is known for initiating legal actions and advocacy campaigns aimed at strengthening transparency and accountability in Nigeria’s public sector, including the oil and gas industry and financial institutions.
More recently, in February 2026, SERAP instituted legal proceedings against the Central Bank of Nigeria, seeking a full account of about N3 trillion in allegedly missing or diverted public funds, as well as explanations for N629 billion reportedly paid to unknown beneficiaries under the Anchor Borrowers’ Programme.