SERAP urges Tinubu to probe missing N26bn in petroleum funds

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with appropriate anti-corruption agencies, to investigate allegations of over N26 billion in public funds that were reportedly missing, diverted, or stolen from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

The allegations were documented in the 2021 audited report published on Wednesday, November 13, 2024, by the Office of the Auditor-General of the Federation.

SERAP emphasized that individuals suspected of wrongdoing should be prosecuted if sufficient admissible evidence is found, and all missing funds should be recovered and remitted to the national treasury. The organization further urged that any recovered stolen funds be used to mitigate Nigeria’s budget deficit for 2025 and alleviate the country’s mounting debt crisis.

In a letter dated February 1, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization stressed the importance of ensuring justice and accountability in these grave allegations. SERAP highlighted that tackling corruption in the oil sector would play a crucial role in addressing Nigeria’s budgetary and financial challenges.

According to the organization, these allegations represent a serious breach of public trust, the Nigerian Constitution (1999, as amended), and the country’s anti-corruption laws and international obligations.

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The letter stated: “Poor Nigerians continue to suffer due to widespread corruption in the oil sector. Despite Nigeria’s vast oil wealth, its citizens have benefited little due to entrenched impunity and systemic embezzlement.”

The 2021 Auditor-General’s report revealed multiple financial irregularities within the PTDF and the Ministry of Petroleum Resources. Key findings include: N25.6 billion paid for undocumented contracts: The Auditor-General expressed concerns that the funds may have been diverted and called for their recovery; N326 million unaccounted for in two bank deposits: The report suggests the funds may be missing and should be recovered.

N107 million allocated for a library automation system at the Petroleum Training Institute (PTI): The project lacked prior approval from the National Information Technology Development Agency (NITDA), raising fears of misappropriation.

N46.9 million paid to three companies for services not rendered: Some payments were made before contracts were even awarded.

The Auditor-General has recommended that all these funds be fully recovered and remitted to the treasury, with appropriate sanctions applied for financial misconduct.

SERAP has urged President Tinubu to take immediate action within seven days of receiving or publishing its letter. If no action is taken, the organization has stated its intent to pursue legal measures to compel the government to comply with its demands in the public interest.

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SERAP concluded: “Nigeria’s wealth should be used for the benefit of its people, ensuring restitution, compensation, and guarantees of non-repetition. Investigating these allegations and holding those responsible accountable will strengthen public trust and enhance transparency in the oil sector.”