The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to direct an urgent investigation into the alleged ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation.
In a statement, SERAP urged the president to instruct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to investigate the expenditure.
According to the organisation, the probe should involve the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
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SERAP said the agencies should identify officials who approved the spending, as well as contractors who received the funds, and invite them for questioning.
The group cited reports indicating that:
- About ₦2.9 billion was reportedly paid by NNPC for incorporation expenses using proceeds from petroleum product sales.
- Another ₦2.9 billion was reportedly charged by the National Petroleum Investment Management Services (NAPIMS) against crude oil revenue for the same purpose.
In total, the reported expenditure on the rebranding process amounts to approximately ₦5.9 billion.
SERAP stated that Nigerians deserve full transparency and accountability regarding the expenditure.
The organisation said any investigation should determine whether the spending complied with procurement rules, represented value for money, and followed proper financial procedures.
According to SERAP, the outcome of the probe should clarify who approved the payments, who received the funds, and whether due process was followed.
