The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged spending of ₦5.9 billion on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, SERAP urged the President to direct Lateef Fagbemi, the attorney-general of the federation and minister of justice along with relevant anti-corruption agencies, to investigate the reported expenditure and ensure transparency in the process.
The letter, signed by Kolawole Oluwadare, SERAP deputy director also asked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved the payment and the contractors who received the funds.
According to SERAP, the agencies should invite those involved for questioning and examine whether the procurement process for the rebranding complied with existing financial regulations and public procurement laws.
The organisation further stated that anyone found responsible for wrongdoing should be prosecuted and any misused public funds recovered and returned to the national treasury.
SERAP alleged that about ₦2.9 billion was reportedly charged as incorporation expenses from petroleum product proceeds, while another ₦2.9 billion was charged against crude oil revenue by the National Petroleum Investment Management Services during the transition of the corporation into a limited liability company.
The group said the combined expenses brought the total cost of the rebranding and corporate transition to about ₦5.9 billion.
SERAP added that investigating the spending would strengthen transparency and accountability in the management of public resources in Nigeria’s petroleum sector.
The organisation also gave the Federal Government seven days to act on its request or face possible legal action to compel compliance in the public interest.
