Abuja, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) urged President Bola Tinubu to investigate 5.9 billion naira, about $3.9 million USD, spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to Nigerian National Petroleum Company Limited (NNPCL). SERAP raised this on Sunday via X, formerly Twitter. Nigeria, in West Africa, depends on oil for much of its budget.
SERAP wants Attorney General Lateef Fagbemi, plus the Economic and Financial Crimes Commission and Independent Corrupt Practices Commission, to probe the spending. The funds came from two sources: 2.9 billion naira from petroleum proceeds and 2.9 billion from crude oil revenue via National Petroleum Investment Management Services.
Okay News reports SERAP’s full demand. The group stated, “We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about N5.9 billion.” They seek checks on value for money and transparency.
Lawmakers already scrutinize NNPCL finances. The Senate summoned ex-chief Mele Kyari over 210 trillion naira discrepancies from 2017-2023. Issues include 103 trillion naira in vague expenses like fees without details.
SERAP often sues for accountability in oil and public funds. In June 2025, it targeted NNPCL for unremitted 500 billion naira oil revenue. December brought calls to probe regulatory agency corruption after Aliko Dangote’s claims.
Most recently, February 2026 saw SERAP sue the Central Bank of Nigeria over 3 trillion naira in missing funds and 629 billion naira under the Anchor Borrowers’ Programme. These actions highlight pushback against opacity.
The rebrand probe fits broader concerns on oil wealth use. Nigerians face subsidy cuts and inflation. A clear audit could rebuild trust in state firms.
Anti-corruption bodies may now review contracts and officials. Outcomes could shape future spending rules. Watchdogs like SERAP keep pressure on reforms.
 urged President Bola Tinubu to investigate 5.9 billion naira, about $3.9 million USD, spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to Nigerian National Petroleum Company Limited (NNPCL).){kind=link}