SERAP Calls for Probe into N5.9bn NNPC Spending

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct an investigation into the alleged N5.9 billion reportedly spent on rebranding the Nigerian National Petroleum Corporation (NNPC). SERAP's request includes instructing Lateef Fagbemi and relevant anti-corruption agencies, such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to investigate the expenditures and identify the officials and contractors involved.

The organization claims that the NNPC allegedly paid N2.9 billion in incorporation expenses related to petroleum product pricing, which, when combined with other charges, totals the reported N5.9 billion. This demand for investigation arises amidst scrutiny of the NNPC by lawmakers regarding financial irregularities, particularly concerning the N5.9 billion spent on incorporation expenses during the transition of NNPC to NNPCL.

SERAP has previously initiated legal actions aimed at enhancing transparency and accountability in Nigeria's public sector, including the oil and gas industry.