The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate the alleged expenditure of N5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
According to SERAP, the amount was reportedly spent from two separate sources within the oil company’s operations, with NNPC paying N2.9 billion for incorporation expenses from petroleum product proceeds and the National Petroleum Investment Management Services (NAPIMS) charging N2.9 billion against crude oil revenue for the same purpose.
SERAP is urging Tinubu to instruct the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies like the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the expenditure and identify those involved.
The organization wants the probe to determine whether the spending complied with transparency and accountability standards and represents value for public funds.
This demand for investigation comes as NNPCL faces scrutiny from lawmakers over alleged financial irregularities, including discrepancies amounting to N210 trillion in the company’s audited financial statements.
SERAP has a history of initiating legal actions and advocacy campaigns to strengthen transparency and accountability in Nigeria’s public sector.
