A call for greater transparency in the management of Nigeria’s petroleum resources has emerged as the Socio-Economic Rights and Accountability Project (SERAP) urged President Bola Tinubu to order an investigation into the reported ₦5.9 billion spent on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
The civil society organisation made the appeal in an open letter dated March 14, 2026, addressed to the President and signed by its Deputy Director, Kolawole Oluwadare. SERAP asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, alongside relevant anti-corruption agencies, to investigate the circumstances surrounding the expenditure.
According to the group, the probe should determine whether the funds reportedly spent on the corporate transition and rebranding of the national oil company represented value for money and complied with established transparency and accountability standards.
Reports indicate that the Nigerian National Petroleum Company Limited allegedly spent about ₦5.9 billion in the process of transitioning from the Nigerian National Petroleum Corporation following reforms introduced under the Petroleum Industry Act (PIA) of 2021.
Breakdown of the expenditure cited in the letter suggested that about ₦2.9 billion was reportedly paid as incorporation expenses from petroleum product proceeds. Another ₦2.9 billion was allegedly charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS), bringing the total cost of the transition and rebranding exercise to nearly ₦5.9 billion.
SERAP argued that a thorough investigation would help promote transparency in the management of public funds and strengthen public confidence in government institutions, particularly within the oil and gas sector, which remains central to Nigeria’s economy.
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The organisation noted that examining the spending would also demonstrate the government’s commitment to accountability and the fight against corruption in the petroleum industry.
“Given the size of the reported expenditure and the importance of transparency in the management of public resources in the petroleum sector, there is an urgent need for a prompt, thorough, independent and transparent investigation into the spending,” the letter stated.
SERAP further urged that the findings of any investigation should be made public to ensure accountability and restore public trust.
The group also warned that it could consider legal action if the government fails to respond within seven days of receiving or publishing the letter.
Beyond the immediate request for investigation, SERAP cited constitutional and international legal provisions that it said reinforce the government’s responsibility to ensure prudent management of public resources.
It referenced Section 15(5) of the 1999 Constitution (as amended), which mandates the government to abolish corrupt practices and abuse of power, and Section 16, which requires authorities to ensure that the nation’s resources are harnessed and distributed to serve the common good.
The organisation also cited Articles 5 and 9 of the United Nations Convention Against Corruption, which call for transparency and proper management of public finances, as well as Article 21 of the African Charter on Human and Peoples’ Rights, which recognizes the right of citizens to freely benefit from their natural resources.
The transition of the national oil company into the Nigerian National Petroleum Company Limited followed the enactment of the Petroleum Industry Act in 2021. The legislation required the corporation to become a commercially oriented limited liability company wholly owned by the Federal Government, marking one of the most significant reforms in Nigeria’s petroleum sector in decades.
However, the reported cost of the rebranding exercise has now sparked renewed debate about accountability and financial transparency within the oil industry.
