SERAP calls for probe of ₦5.9bn spent on NNPC rebranding

The Socio-Financial Rights and Accountability Venture (SERAP) has referred to as on President Bola Tinubu to order an investigation into the alleged spending of ₦5.9 billion on the rebranding of the Nigerian Nationwide Petroleum Company into the Nigerian Nationwide Petroleum Firm Restricted.

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 together with related anti-corruption businesses, to research the reported expenditure and guarantee transparency within the course of.

The letter, signed by Kolawole Oluwadare, SERAP deputy director additionally requested the Financial and Monetary Crimes Fee (EFCC) and the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) to establish the officers who authorised the cost and the contractors who obtained the funds.

In line with SERAP, the businesses ought to invite these concerned for questioning and look at whether or not the procurement course of for the rebranding complied with present monetary rules and public procurement legal guidelines.

The organisation additional acknowledged that anybody discovered chargeable for wrongdoing needs to be prosecuted and any misused public funds recovered and returned to the nationwide treasury.

SERAP alleged that about ₦2.9 billion was reportedly charged as incorporation bills from petroleum product proceeds, whereas one other ₦2.9 billion was charged towards crude oil income by the Nationwide Petroleum Funding Administration Companies throughout the transition of the company right into a restricted legal responsibility firm.

The group mentioned the mixed bills introduced the whole value of the rebranding and company transition to about ₦5.9 billion.

SERAP added that investigating the spending would strengthen transparency and accountability within the administration of public sources in Nigeria’s petroleum sector.

The organisation additionally gave the Federal Authorities seven days to behave on its request or face potential authorized motion to compel compliance within the public curiosity.