SERAP Demands Urgent Investigation into NNPC's N5.9 Billion Rebranding Expenditure
The Socio-Economic Rights and Accountability Project (SERAP) has formally called upon President Bola Tinubu to take immediate action regarding the controversial expenditure of approximately N5.9 billion reportedly allocated for the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL). In a strongly worded open letter released over the weekend, the organization emphasized the critical need for full transparency and accountability in this matter, which has raised significant public concern.
Call for Anti-Corruption Agencies to Intervene
SERAP has specifically urged President Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), along with relevant anti-corruption bodies, to launch a prompt and thorough investigation into the alleged spending. The organization insists that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) must identify and question all officials involved in approving and disbursing the N5.9 billion, as well as the contractors who received the funds.
Breakdown of the Reported Expenditure
According to reports, the NNPC paid N2.9 billion for incorporation expenses directly from petroleum product proceeds. Simultaneously, the National Petroleum Investment Management Services (NAPIMS) charged an additional N2.9 billion against crude oil revenue for the same rebranding purpose. This dual allocation resulted in a total expenditure of about N5.9 billion by the NNPCL for the rebranding initiative, a figure that SERAP argues warrants rigorous scrutiny to ensure public funds were used appropriately.
Emphasis on Transparency and Accountability
In the letter, signed by SERAP Deputy Director Kolawole Oluwadare, the organization highlighted that such substantial public spending must be accompanied by complete openness and accountability. SERAP stressed that investigating this matter is essential to uphold anti-corruption principles and maintain public trust in governmental institutions, particularly in the management of Nigeria's vital petroleum resources.
