A must watch: NNPC spent 5.8 billion Naira just to change the name from NNPC to NNPCL.😯😯

A must watch: NNPC spent 5.8 billion Naira just to change the name from NNPC to NNPCL.😯😯 The Senate Committee on Public Accounts in March 2026 raised serious concerns regarding the financial conduct of the Nigerian National Petroleum Company Limited (NNPCL), specifically highlighting that ₦5.9 billion (not 5.8 billion) was allegedly spent on the rebranding and incorporation process when changing from NNPC to NNPCL.Here are the key details regarding the investigation:The Breakdown: The Senate Committee, chaired by Senator Aliyu Wadada Ahmed, found that ₦2.9 billion was spent on incorporation expenses, and an additional ₦2.9 billion was charged by NAPIMS (National Petroleum Investment Management Services) for the same purpose, resulting in a total of roughly ₦5.9 billion.Senate Concerns: Senator Wadada criticized the expenditure, questioning how such a high amount could be used simply to transition from "Corporation" to "Limited".Call for Investigation: The Socio-Economic Rights and Accountability Project (SERAP) has urged President Tinubu to probe the ₦5.9 billion spending, questioning the transparency of the process and whether due process was followed.Wider Financial Scrutiny: The senate committee is also looking into broader financial discrepancies involving a total of ₦210 trillion in unexplained expenditures between 2017 and 2023, summoning key officials including former GMD Mele Kyari.Context: While critics call it an excessive cost for a name change, the company's transition to a commercial entity under the Petroleum Industry Act 2021 required broad legal, technical, and branding changes.As of mid-March 2026, the investigation into these expenditures was ongoing, with calls for the funds to be accounted for or refunded.