Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr 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 (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).

SERAP urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning.

The NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose. In total, about N5.9 billion was spent by the NNPCL for the rebranding.

In the open letter at the weekend, signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said there ought to be full transparency and accountability regarding the reported N5.9 billion spent on rebranding NNPC to NNPCL.