By: Goodluck E. Adubazi, Abuja.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to order an immediate investigation into more than ₦94.4 billion allegedly diverted, unremitted, unaccounted for or irregularly spent by agencies in Nigeria’s petroleum sector.
SERAP made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, following findings contained in the 2024 (Volume 2) Annual Report of the Auditor-General of the Federation, published on August 7, 2026.
The organisation called on the President to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for the funds and ensure the recovery and remittance of any monies found to have been improperly withheld, diverted or misapplied.
SERAP also urged the President to direct appropriate anti-corruption agencies to investigate the allegations and prosecute anyone found culpable where sufficient admissible evidence is established, regardless of status, position or institutional affiliation.
According to SERAP, the Auditor-General’s findings raise serious questions about the management of petroleum revenues and gas-flaring penalties, as well as the transparency and effectiveness of financial controls within the affected institutions.
The organisation specifically cited several financial irregularities contained in the audit report.
It said the MDGIF allegedly failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 2022 and December 2024, with the Auditor-General expressing concern that the money may have been diverted and recommending its recovery and remittance to the Treasury.
SERAP further said the MDGIF failed to remit and report ₦12.480 billion in gas-flaring penalties for 2023, while the NUPRC reportedly failed to remit ₦38.610 billion in gas-flaring penalties collected and due to the MDGIF.
The organisation also raised concerns over ₦12.940 billion in revenue from 2024 natural-gas sales which the MDGIF allegedly failed to collect and account for.
Other transactions cited by SERAP include ₦3.518 billion allegedly paid to a consultant to recover gas-flaring penalties without presidential approval, with the Auditor-General reportedly finding no evidence of due process or due diligence in the engagement.
SERAP also cited ₦261.852 million spent on Transaction Advisors without evidence of work executed and another ₦65.8 million paid to Transaction Advisors in August 2024 without due process.
The organisation urged the MDGIF and NUPRC to publish a detailed schedule showing the amounts due, collected, remitted and recovered, including transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
SERAP further asked President Tinubu to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024, and ensure that the statements are forwarded to the Public Accounts Committees of the National Assembly as recommended by the Auditor-General.
“There is a legitimate public interest in ensuring justice and accountability for these grave findings,” SERAP said, adding that the audit findings raise fundamental questions about the integrity, transparency and effectiveness of the management of Nigeria’s petroleum revenues and gas-flaring penalties.
The organisation warned that failure to properly account for petroleum-product revenues, natural-gas sales and gas-flaring penalties could undermine public confidence and create risks for funds intended for lawful public purposes, including environmental remediation.
SERAP said the government’s constitutional and international obligations require transparency, accountability and effective measures to prevent and investigate corruption in the management of public resources.
It gave the government seven days from the receipt or publication of the letter to act on its demands, warning that it would consider legal action and other lawful measures if the requested steps were not taken.
The organisation also stressed that the President’s role as Minister of Petroleum Resources makes effective oversight of the petroleum-sector institutions particularly important in ensuring that public revenues are properly accounted for and protected.
