Anti-corruption group asks president to direct EFCC and ICPC to investigate funds used in the transition from NNPC to NNPCL….
The Socio-Economic Rights and Accountability Project (SERAP) has called on Bola Tinubu to order an investigation into the N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
The advocacy group made the demand in a statement published on its official X account on Sunday, March 15, 2026.
According to SERAP, the president should direct the Attorney General of the Federation, Lateef Fagbemi, along with 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 how the funds were spent and identify the officials and contractors involved in the project.
Call for transparency
SERAP said the investigation should determine whether the expenditure complied with transparency and accountability standards and whether the spending represented value for public funds.
“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about N5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited,” the organisation stated.
The group explained that the reported cost of the rebranding came from two separate financial charges within the oil company’s operations.
According to SERAP, Nigerian National Petroleum Company Limited allegedly spent N2.9 billion on incorporation expenses drawn from petroleum product proceeds.
It also claimed that National Petroleum Investment Management Services (NAPIMS) charged an additional N2.9 billion against crude oil revenue for similar incorporation-related costs, bringing the total expenditure to roughly N5.9 billion.
Scrutiny over NNPCL finances
SERAP’s call for a probe comes amid growing scrutiny of the state-owned oil company by Nigerian lawmakers.
Recently, the Senate Committee on Public Accounts summoned former executives of the company, including its immediate past Group Chief Executive Officer, Mele Kyari, over alleged discrepancies in the company’s audited financial statements between 2017 and 2023.
Lawmakers said they identified about N210 trillion in financial inconsistencies, including N103 trillion recorded as accrued expenses in the company’s 2022 financial statements.
The committee noted that several entries including retention fees, legal fees and audit fees—were listed without detailed explanations, raising questions about transparency in the company’s financial reporting.
Senators also raised concerns about the N5.9 billion reportedly spent as incorporation expenses during the transition from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
SERAP’s broader anti-corruption push
SERAP has built a reputation for pursuing legal actions and advocacy campaigns aimed at improving transparency and accountability in Nigeria’s public sector.
In June 2025, the organisation filed a lawsuit against the NNPCL, accusing the company of failing to remit N500 billion in oil revenue to the Federation Account between October and December 2024.
Later in December 2025, SERAP also asked anti-corruption agencies to investigate alleged corruption within the Nigerian Midstream and Downstream Petroleum Regulatory Authority, following claims made by Aliko Dangote about the agency’s licensing practices and the personal spending of its former chief executive, Farouk Ahmed, who has since resigned.
More recently, in February 2026, the organisation instituted legal proceedings against the Central Bank of Nigeria, demanding a detailed account of about N3 trillion in allegedly missing or diverted public funds, as well as explanations for N629 billion reportedly paid to unidentified beneficiaries under the Anchor Borrowers’ Programme.
SERAP said investigating the reported NNPCL rebranding expenditure would be another important step toward strengthening transparency and public accountability in Nigeria’s oil and gas sector.
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