The Socio-Economic Rights and Accountability Project (SERAP) has urged Bola Ahmed Tinubu to order an investigation into the N5.9 billion reportedly spent on rebranding the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In a statement shared on its official social media account on Sunday, SERAP called on the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to investigate the expenditure and identify officials and contractors involved.
The group specifically asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to determine whether the spending complied with transparency and accountability standards and whether it represents value for public funds.
According to SERAP, the N5.9 billion allegedly came from two different funding streams within the oil company’s operations. The organisation claimed that NNPC paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services reportedly charged another N2.9 billion against crude oil revenue, bringing the total to about N5.9 billion.
SERAP’s call comes amid increasing scrutiny of Nigerian National Petroleum Company Limited by lawmakers. The Senate Committee on Public Accounts recently summoned the company’s former management, including ex-Group Chief Executive Officer Mele Kyari, over alleged discrepancies amounting to N210 trillion in the company’s audited financial statements covering 2017 to 2023.
Lawmakers said they observed about N103 trillion recorded as accrued expenses in the company’s 2022 accounts, including retention fees, legal fees and audit charges that reportedly lacked detailed breakdowns. The committee also raised questions about the N5.9 billion incorporation cost linked to the transition from NNPC to NNPC Limited.
SERAP, a prominent civil society organisation focused on public accountability, has frequently pursued legal action to compel transparency in Nigeria’s public sector. In June 2025, the group sued Nigerian National Petroleum Company Limited, alleging the failure to remit N500 billion in oil revenue to the Federation Account between October and December 2024.
The organisation has also taken action against other institutions, including the Central Bank of Nigeria, where it sought explanations for about N3 trillion in allegedly missing or diverted public funds, as well as payments linked to the Anchor Borrowers’ Programme.
