KEY POINTS
- SERAP has called on President Tinubu to direct anti-corruption agencies to probe the N5.9 billion reportedly spent on rebranding NNPC to NNPCL.
- The reported expenditure includes N2.9 billion for incorporation expenses and N2.9 billion charged by NAPIMS, totaling N5.9 billion.
- The organization stressed the need for transparency and accountability, urging authorities to identify responsible officials and contractors.
The Socio-Economic Rights and Accountability Project, SERAP, has urged President Bola Ahmed Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside anti-corruption agencies, to investigate the alleged N5.9 billion spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
In a weekend open letter signed by SERAP Deputy Director Kolawole Oluwadare, the group demanded that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) identify the officials responsible for approving and paying the funds, as well as the contractors who received the money, and invite them for questioning.
According to reports, the NNPCL spent N2.9 billion on incorporation expenses funded from petroleum product proceeds. Additionally, the National Petroleum Investment Management Services (NAPIMS) reportedly charged another N2.9 billion against crude oil revenue for the same purpose, bringing the total alleged expenditure to approximately N5.9 billion.
SERAP emphasized that full transparency and accountability are essential regarding these expenditures, urging the government to ensure the public is informed about how the funds were utilized.
Calls for accountability and transparency in public spending
The civil rights group highlighted that the investigation should cover all parties involved in the decision-making and payment process. The organization stressed that such oversight is crucial to maintaining public trust in state-owned enterprises and to deter potential mismanagement of funds in future projects.
The rebranding of NNPC to NNPCL is part of the federal government’s broader roadmap to fully commercialize the national oil company and align it with international standards. Proponents argue that the transformation is intended to make NNPCL more efficient, transparent, and commercially viable, enabling it to compete effectively with global oil firms.
However, critics have questioned the high costs of the rebranding and the lack of detailed public reporting on expenditures, with many calling for stricter controls and audits to prevent misuse of public funds.
