SERAP asks Tinubu to probe alleged ₦94.4bn petroleum-sector discrepancies
The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to investigate more than ₦94.4bn that it says was diverted, unremitted, unaccounted for or irregularly spent by two petroleum-sector institutions. The group also wants recovery, prosecution where evidence supports it, publication of records and action within seven days.
The Socio-Economic Rights and Accountability Project has asked President Bola Tinubu to order an investigation into more than ₦94.4bn allegedly diverted, unremitted, unaccounted for or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission. SERAP made the request in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare. It said the allegations were contained in the Auditor-General of the Federation’s 2024 Volume 2 Annual Report, published on August 7, 2026, covering periods from January to December 2023 and ending on December 31, 2024.
The organisation urged the President to direct anti-corruption agencies to investigate the findings, recover affected funds and remit them to the Treasury. It said anyone found responsible should be prosecuted where sufficient admissible evidence is established, regardless of status or institutional affiliation. Among the specific allegations, SERAP said the MDGIF failed to remit ₦26.549bn from petroleum-product sales between January 2022 and December 2024.
It also cited ₦12.480bn in gas-flaring penalties for 2023 and an alleged ₦3.518bn payment to a consultant to recover gas-flaring penalties without presidential approval. SERAP further said the NUPRC reportedly failed to remit ₦38.610bn in collected gas-flaring penalties due to the MDGIF. It quoted the Auditor-General as warning that unremitted penalties could reduce funds available for environmental remediation and create risks linked to unresolved environmental hazards.
The group asked MDGIF to publish audited financial statements for 2022, 2023 and 2024 and submit them to the National Assembly’s Public Accounts Committees. It also requested transaction schedules showing amounts due, collected, remitted and recovered, together with dates and responsible institutions or officials. SERAP said Tinubu’s roles as President and Minister of Petroleum Resources created a particular responsibility for oversight.
It gave the government seven days to respond, warning that it would consider legal action and other lawful measures if its demands were not addressed.
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