The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into the alleged spending of about ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL).

In a statement, the organisation called on the president to direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to probe the expenditure.

SERAP specifically asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify officials who approved the payments and the contractors who received the funds.

“SERAP urges you to direct the EFCC and 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 organisation said.

The group also urged the agencies to examine whether the procurement process for the project complied with existing financial regulations and procurement laws.

It said anyone found responsible for wrongdoing should face prosecution and any misused public funds recovered.

“SERAP urges you to direct Mr Fagbemi and the EFCC and ICPC to ensure that those suspected to be responsible for any wrongdoing are brought to justice if there is sufficient admissible evidence, and that any public funds that may have been misused or mismanaged are recovered and returned to the national treasury,” the statement added.

According to SERAP, reports indicate that ₦2.9 billion was charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was reportedly charged against crude oil revenue by the National Petroleum Investment Management Services (NAPIMS) during the transition of the company into a limited liability entity.

The organisation said the combined charges amounted to about ₦5.9 billion spent on the rebranding and corporate transition process.

SERAP argued that probing the expenditure would help promote transparency and accountability in the management of public funds in the petroleum sector.

It also gave the Federal Government seven days to act on the request or face possible legal action.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government and the NNPCL to comply with our request in the public interest,” the organisation said.

The group noted that the rebranding of the national oil company followed the Petroleum Industry Act, which transformed the corporation into a commercially oriented limited liability company wholly owned by the Federal Government.