The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, alongside relevant anti-corruption agencies, to investigate the reported ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).
In a formal letter, SERAP emphasized that findings from such an investigation should be made public, and requested that the measures be implemented within seven days of the receipt or publication of the letter.
Failure to comply may lead SERAP to consider legal action to compel the government and NNPCL to respond in the public interest.
According to reports, the ₦5.9 billion expenditure was part of the corporate transition and rebranding process following the restructuring of the national oil company under the Petroleum Industry Act (PIA) 2021.
₦2.9 billion was reportedly charged as incorporation expenses from petroleum product proceeds.
Another ₦2.9 billion was charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS) during the transition into a limited liability entity.
This brought the total cost of the transition and rebranding to about ₦5.9 billion.
The transformation of NNPC into NNPCL was mandated by the PIA 2021, which requires the company to operate as a commercially oriented, limited liability company fully owned by the federal government.
SERAP highlighted that Sections 13, 15(5), and 16 of the Nigerian Constitution require authorities to ensure transparency, eliminate corrupt practices, and manage national resources for the common good.
International obligations were also cited, including Articles 5 and 9 of the UN Convention Against Corruption and Article 21 of the African Charter on Human and Peoples’ Rights, which recognize the right of citizens to benefit from their country’s natural resources and call for recovery and compensation in cases of misappropriation.
“The public has a right to know who approved the spending, who received the funds, and whether due process was followed,” SERAP stated. “This investigation is crucial to ensure accountability and transparency in the use of public funds.”