The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to immediately direct anti-corruption agencies to investigate the reported ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
SERAP described the expenditure as potentially wasteful and urged a thorough probe into how the funds were utilized, amid growing public concerns over transparency in the oil sector.
The call follows recent scrutiny by the Senate Committee on Public Accounts, which expressed serious reservations about the N5.9 billion reportedly used for the rebranding process.
The committee highlighted financial discrepancies, including questions over duplication in incorporation costs and broader audit queries amounting to around N210 trillion in unaccounted expenditures linked to NNPCL operations.
The rebranding, part of the Petroleum Industry Act (PIA) reforms that transformed NNPC from a state corporation into a limited liability company, has faced criticism for its high cost, with some describing it as excessive for what appeared to be primarily a name and structural change.
SERAP emphasized the need for accountability, arguing that public funds must not be squandered, especially given Nigeria's economic challenges and the importance of oil revenues to the national treasury.
The group urged President Tinubu to instruct the Attorney General of the Federation and relevant anti-graft bodies, such as the EFCC and ICPC, to conduct a prompt, independent, and transparent investigation.
It also called for prosecution of any individuals found culpable and recovery of any misappropriated funds.
As of the latest reports, neither the presidency nor NNPCL has issued a formal response to SERAP's demand.
The Senate panel has already summoned former NNPCL Group Managing Director Mele Kyari for questioning over related audit issues.
This development adds to ongoing debates about governance, fiscal responsibility, and reforms in Nigeria's critical energy sector.
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