By Enyichukwu Enemanna
Nigeria’s state-owned oil firm has again come under scrutiny following allegation that its 2022 rebranding from the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited cost the sum of ₦5.9 billion ($4.3 million), reinforcing the need for accountability.
“This, to us in the committee, is unacceptable and satisfactory explanations must be given,” Senate Committee Chairman Sen. Aliyu Wadada stated.
In July 2022, NNPC under former President Muhammadu Buhari officially transitioned into NNPC Limited (NNPCL) as a way of transforming it into a commercial entity, enabled by the Petroleum Industry Act (PIA) of 2021. The aim was to make the entity commercially viable and profit-oriented company, similar to international oil companies.
But stakeholders believe that beyond the same change which came with addition of ‘L’ as an an alleged costly price, significant impact has not been felt especially among the populace who pay through the nose to get a litre of PMS.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into the alleged cost and direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside anti-corruption agencies to investigate the expenditure.
“SERAP urges you to urgently direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited,” the organisation said in an open letter addressed to Tinubu.
It urged the President to the mandate the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify officials who approved the payment 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 group said.
It further urged the anti-corruption agencies to examine the procurement process for the project to determine whether it complied with existing financial regulations and procurement laws.
It added that 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”.
“Investigating the alleged spending of the ₦5.9 billion would help promote transparency and accountability in the management of public funds and strengthen public confidence in government institutions.”
