SERAP asks Tinubu to probe alleged N94.4bn oil-fund irregularities

The Socio-Economic Rights and Accountability Project has asked President Bola Tinubu to order an investigation into alleged irregularities involving more than N94.4bn in public funds at two petroleum-sector institutions.

The request concerns the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). SERAP wants affected funds recovered and remitted to the Treasury, with prosecution of anyone responsible where sufficient admissible evidence is established.

In a letter dated October 3, 2026, signed by deputy director Kolawole Oluwadare, the organisation gave the government seven days from receipt or publication to act. It said it would consider legal action and other lawful measures if its requests were not addressed.

SERAP attributed the allegations to the Auditor-General of the Federation’s 2024 Annual Report, Volume 2, published on August 7, 2026. Its account describes funds allegedly unremitted, unaccounted for, diverted or irregularly spent; these are not findings of criminal guilt.

According to SERAP’s account of the audit, the MDGIF failed to remit N26.549bn in petroleum-product sales revenue collected between January 1, 2022, and December 31, 2024. It also allegedly failed to collect and account for N12.940bn from natural-gas sales in 2024.

The organisation cited a further N12.480bn in gas-flaring penalties for 2023 that the MDGIF allegedly failed to remit and report. It separately accused NUPRC of failing to remit N38.610bn in gas-flaring penalties collected and due to the fund.

SERAP said the Auditor-General warned that non-remittance of gas-flaring penalties could reduce the funds available for environmental remediation in affected communities.

The letter also questioned N3.518bn paid to a consultant engaged by the MDGIF to recover gas-flaring penalties. According to SERAP, the audit found no presidential approval for the engagement and no evidence of due process or due diligence.

Other expenditure questioned in the letter included N261.852m paid to transaction advisers without evidence that they carried out the work, and N65.8m spent on transaction advisers in August 2024 allegedly without due process.

SERAP asked Tinubu to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and forward them to the National Assembly’s Public Accounts Committees. It also sought a schedule showing amounts due, collected, remitted and recovered, transaction dates, responsible institutions or officials, and the accounts into which funds were paid.

Sources: Punch, Channels Television, Vanguard