SERAP demands probe into alleged ₦94.4bn petroleum-sector irregularities
The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to investigate alleged irregularities involving more than ₦94.4 billion at two petroleum-sector institutions. SERAP, citing the Auditor-General’s 2024 report, gave the President seven days to act and said it may pursue legal measures if its requests are not addressed.
The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to order an investigation into alleged financial irregularities involving more than ₦94.4 billion at two petroleum-sector institutions. In a statement on Sunday, SERAP said the allegations were contained in Volume 2 of the Auditor-General of the Federation’s 2024 Annual Report, published on August 7, 2026. The organisation urged the President to direct the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission to account for the funds.
SERAP said the money was reportedly diverted, unremitted, unaccounted for or irregularly spent. It asked the appropriate anti-corruption agencies to investigate, recover any affected funds and prosecute those responsible where sufficient admissible evidence is established. According to SERAP’s account of the audit findings, the MDGIF failed to remit ₦26.549 billion in revenue from petroleum-product sales between January 2022 and December 2024.
It said the Auditor-General recommended recovery and payment of the money into the Treasury. The organisation also cited alleged failures involving gas-flaring penalties. It said the MDGIF did not remit or report ₦12.480 billion in penalties for 2023, while the NUPRC allegedly failed to remit ₦38.610 billion collected and due to the fund.
SERAP said the Auditor-General warned that such failures could reduce funding for environmental remediation and increase the risk of unrest in affected communities. SERAP further cited an alleged failure by the MDGIF to collect and account for ₦12.940 billion from natural-gas sales in 2024. It also raised questions about payments to transaction advisers and a consultant engaged to recover gas-flaring penalties.
The organisation said ₦3.518 billion was paid to the consultant without evidence of presidential approval, due process or due diligence. It also cited ₦261.852 million allegedly spent on advisers without evidence that the work was performed, and another ₦65.8 million allegedly spent without due process. SERAP asked the President to act within seven days of receiving or seeing its letter.
It said it would consider legal action and other lawful measures if the requests were not addressed.
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