Senate Questions N5.9 Billion NNPC Rebranding Expenditure

The Nigerian Senate has raised serious concerns regarding the N5.9 billion reportedly spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL). During a public hearing led by Senate Committee Chairman Aliyu Wadada, lawmakers questioned the financial records of the national oil company, criticizing the expenditure as excessive.

The committee highlighted that the NNPC reportedly spent N2.9 billion on incorporation expenses, while the Nigerian Petroleum Investment Management Services (NAPIM) charged another N2.9 billion against crude oil revenue, leading to a combined total of N5.9 billion. Wadada emphasized that the amount spent merely for a name change was unjustifiable.

The committee also raised concerns about a total of N210 trillion, which includes N103 trillion and N107 trillion, that was not properly explained. Consequently, the committee summoned former Group Managing Director Mele Kyari, former Chief Financial Officer Umar Ajiya, and others to provide explanations regarding the disputed figures and ensure transparency in the management of public funds in Nigeria's oil sector.