The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an immediate investigation into the alleged mismanagement of N26 billion in the oil sector.
The organization issued a seven-day ultimatum for the government to take action, warning that failure to do so would result in legal proceedings to compel compliance.
In a statement dated February 1, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged Tinubu to direct Attorney General Lateef Fagbemi (SAN) and anti-corruption agencies to probe the alleged financial irregularities involving the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.
The call for an investigation follows findings from the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024.
The report revealed that funds were allegedly mismanaged, diverted, or stolen within the oil sector.
SERAP described the allegations as a “grave violation of public trust, Nigeria’s Constitution, and international anti-corruption obligations.”
It called for the immediate prosecution of those responsible and the recovery of all missing public funds for national development.
According to the audit report, some of the questionable expenditures include:
Over N25 billion paid for contracts without supporting documents.
N326 million unaccounted for in two bank deposits.
N107 million spent on a library automation system without approval from the National Information Technology Development Agency (NITDA).
N46 million paid to three companies without proof of service delivery.
N60 million in stamp duty fees from capital expenditure contracts that were not remitted.
N64 million spent on store items that were never supplied.
N41 million paid for services or goods that were not received.
N137 million used for recurrent expenditures without approval from the National Assembly.
N232 million paid to seven companies for “stakeholders’ engagement in the Niger Delta” with no details on the nature, location, or justification of the engagement.
The report raised concerns that these funds might have been diverted and recommended full recovery and remittance to the national treasury.
SERAP emphasized that addressing corruption in the oil sector is crucial for Nigeria’s economic stability.
It urged the government to recover the stolen funds and redirect them towards reducing the budget deficit and easing the country’s debt burden.
“Despite Nigeria’s vast oil wealth, citizens continue to suffer due to widespread corruption and the lack of accountability among those entrusted with public resources,” SERAP stated.
The organization also cited constitutional and international obligations, such as the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, as reasons why the government must act swiftly.
“Under Section 16(1) of the Nigerian Constitution, your government has a responsibility to ensure the welfare and economic security of all citizens based on principles of justice and equality,” the letter added.
SERAP reaffirmed its readiness to pursue legal action if the government fails to act within the stipulated timeframe, insisting that the nation’s resources must be used for the benefit of all Nigerians, both present and future generations.
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