SERAP Gives Tinubu Seven Days To Probe N94.4bn Petroleum Sector Funds

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu seven days to act on alleged financial irregularities involving more than N94.4 billion at the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

SERAP urged the President to direct relevant anti-corruption agencies to investigate the allegations, recover any affected public funds and prosecute individuals found culpable based on sufficient admissible evidence.

In a statement on Sunday signed by its Deputy Director, Mr Kolawole Oluwadare, the organisation said the allegations were contained in the Auditor-General of the Federation’s 2024 Annual Report, Volume 2, published on August 7, 2026.

SERAP said the audit findings raised concerns over the management of petroleum revenues, gas-flaring penalties and financial controls at the two institutions.

According to the organisation, the MDGIF failed to remit N26.549 billion in revenue from the sale of petroleum products between January 1, 2022 and December 31, 2024.

It said the Auditor-General raised concerns that the funds might have been diverted and recommended their recovery and remittance to the Treasury.

SERAP also cited the alleged failure of the MDGIF to remit and report N12.480 billion in gas-flaring penalties for 2023, while NUPRC allegedly failed to remit N38.610 billion in gas-flaring penalties collected and due to the fund.

The organisation said the Auditor-General warned that failure to remit the penalties could reduce funds available for environmental remediation and heighten the risk of unrest in affected communities.

It further alleged that the MDGIF failed to collect and account for N12.940 billion in natural gas sales revenue in 2024.

SERAP also raised concerns over N3.518 billion paid to a consultant engaged by the MDGIF to recover gas-flaring penalties, saying the engagement lacked presidential approval and evidence of due process or due diligence.

The organisation said N261.852 million was also spent on transaction advisers without evidence that the work was executed, while another N65.8 million was allegedly paid to transaction advisers in August 2024 without due process.

SERAP warned that it would consider legal action and other lawful measures if Tinubu, the MDGIF, NUPRC and other relevant authorities failed to respond within seven days.

“We would be grateful if the recommended measures are taken within seven days,” SERAP said.