President Bola Ahmed Tinubu has been charged to direct an immediate investigation into more than ₦94.4 billion in petroleum-sector funds allegedly diverted, unremitted, unaccounted for or irregularly spent.
The charge came from a Lagos-based rights group, Socio-Economic Rights and Accountability Project (SERAP), through its letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, and addressed to the president.
SERAP arrived at the call consequent upon findings contained in the 2024 Volume 2 Annual Report of the Auditor-General for the Federation, published on August 7, 2026.
The human rights organisation declared that the audit findings cover various periods between January 2023 and December 31, 2024, and raise concerns about the management of petroleum revenues, natural gas sales proceeds and gas-flaring penalties by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
SERAP also urged President Tinubu to order relevant anti-corruption agencies to investigate the findings and prosecute anyone found culpable where sufficient admissible evidence is established.
The group further demanded the recovery and remittance to the Treasury of all public funds found to have been improperly withheld, diverted, misapplied or otherwise unaccounted for.
SERAP said the Auditor-General reported that the MDGIF failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 1, 2022 and December 31, 2024.
According to the anti-corruption group, the Auditor-General had reportedly expressed concern that the money may have been diverted and recommended its recovery and remittance to the Treasury.
SERAP referenced ₦12.480 billion in gas-flaring penalties for 2023, which the MDGIF allegedly failed to remit and report.
In the audit findings cited by SERAP, the NUPRC equally allegedly failed to remit ₦38.610 billion in gas-flaring penalties collected and due to the MDGIF.
Another ₦12.940 billion in revenue from 2024 natural gas sales, according to SERAP, was allegedly not collected and accounted for by the MDGIF.
The human rights group further referenced ₦3.518 billion reportedly paid by the MDGIF to a consultant to recover gas-flaring penalties without presidential approval, adding that the Auditor-General allegedly found no evidence of due process or due diligence in the engagement and expressed concern that the funds may have been diverted.
The findings as contained in the audit report equally included ₦261.852 million allegedly spent on Transaction Advisors without evidence of work executed, as well as another ₦65.8 million paid to Transaction Advisors in August 2024 in circumstances the Auditor-General said may have violated public procurement procedures.
The amounts cited by SERAP total approximately ₦94.4 billion.
The human rights group prayed to President Tinubu to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and ensure that the documents are forwarded to the Public Accounts Committees of the National Assembly.
SERAP requested that the MDGIF and NUPRC should also publish a clear schedule showing the amounts due, collected, remitted and recovered, including the dates of transactions, institutions, or officials responsible and the accounts into which the funds were paid.
The organisation insisted that every naira identified in the Auditor-General’s report should be properly accounted for, just as it argued that the alleged failure to account for petroleum-product revenues, natural-gas sales revenues and gas-flaring penalties could undermine public confidence in the management of Nigeria’s petroleum resources.
SERAP warned that unremitted gas-flaring penalties could affect funds available for environmental remediation and create risks for communities affected by environmental hazards.
The group tasked the President Tinubu-led Federal Government to implement the recommended measures within seven days of receiving or publishing the letter.
SERAP issued a warning that failure to receive a response within the period could lead it to consider legal action and other lawful measures to compel the government, MDGIF, NUPRC and other relevant authorities to act.
The rights group further invoked provisions of the 1999 Constitution, including Section 15(5), which requires the State to abolish corrupt practices and abuse of power.
COURTESY: tribuneonlineng.com
