The Socio-Economic Rights and Accountability Project has asked President Bola Tinubu to urgently order a probe into more than ₦94.4bn in petroleum-sector funds allegedly unremitted, unaccounted for, diverted or irregularly spent by government agencies.
SERAP made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, and addressed to the President.
The organisation said the allegations were contained in the 2024 Volume 2 Annual Report of the Auditor-General of the Federation, published on August 7, 2026.
According to SERAP, the audit findings covered transactions and financial activities between January 2023 and December 2024, raising concerns over the management of petroleum revenues and billions of naira accruing from gas-flaring penalties.
SERAP urged Tinubu to direct relevant anti-corruption agencies to investigate the findings and prosecute any person found culpable, provided sufficient admissible evidence is established.
It also demanded the immediate recovery and remittance into the Treasury of every naira found to have been diverted, improperly spent, misapplied or otherwise unaccounted for.
The organisation further called on the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission to publish detailed schedules showing revenues due, collected, remitted and recovered.
It said such disclosures should include transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
₦26.5bn petroleum revenue
SERAP said the Auditor-General found that the MDGIF allegedly failed to remit ₦26.549bn generated from the sale of petroleum products between January 1, 2022 and December 31, 2024.
According to the organisation, the Auditor-General expressed concern that the money “may have been diverted” and recommended its recovery and remittance to the Treasury.
SERAP also cited an alleged failure by the MDGIF to remit and account for ₦12.480bn in gas-flaring penalties for 2023.
It said the audit raised concerns about the failure of the NUPRC to collect and promptly remit net revenues generated from gas-flaring penalties into the MDGIF account, as required under Section 52(8) of the Petroleum Industry Act, 2021.
SERAP warned that failure to remit such funds could deprive the country of resources required for environmental remediation and potentially worsen environmental crises in affected communities.
NUPRC, MDGIF queried over ₦38.6bn
The organisation further alleged that ₦38.610bn in gas-flaring penalties collected by NUPRC and due to the MDGIF had not been remitted.
SERAP said the Auditor-General raised concerns about the possible consequences of withholding the funds, particularly their impact on environmental remediation.
The organisation also alleged that the MDGIF failed to collect and account for ₦12.940bn in revenue from natural-gas sales in 2024.
Again, SERAP said the Auditor-General expressed concern that the money might have been diverted and recommended its recovery and remittance to the Treasury.
₦3.5bn consultant payment questioned
SERAP also drew attention to an alleged ₦3.518bn payment by the MDGIF to a consultant for the recovery of gas-flaring penalties without presidential approval.
According to SERAP, the Auditor-General found no evidence of due process or adequate due diligence in the engagement and expressed concern that the money might have been diverted.
The organisation said the audit findings also questioned ₦261.852m allegedly paid to Transaction Advisors, saying there was no evidence that the consultants performed the work for which they were engaged.
An additional ₦65.8m was reportedly spent by the MDGIF on Transaction Advisors in August 2024.
SERAP said the Auditor-General considered the transaction potentially contrary to public procurement procedures and recommended that the Executive Director of the MDGIF account for the expenditure.
SERAP demands audited accounts
Beyond the alleged financial irregularities, SERAP urged President Tinubu to direct the MDGIF to publish its audited financial statements for 2022, 2023 and 2024 and ensure that the documents are submitted to the Public Accounts Committees of the National Assembly.
The organisation said the failure to publish audited financial statements for three consecutive years had weakened legislative oversight and public scrutiny of the agency’s finances.
SERAP argued that the audit findings suggested repeated weaknesses in financial and administrative controls, including failures to account for public revenues, inadequate documentation, payments without evidence of work performed and consultancy arrangements allegedly undertaken without required approvals or due process.
“The failure to properly account for billions of naira in petroleum-product revenues, natural-gas sales revenues and gas-flaring penalties undermines public confidence in the management of Nigeria’s petroleum resources,” SERAP said.
It warned that the alleged failure to remit the funds posed a serious risk to money meant for lawful purposes, including environmental remediation and protection of communities affected by petroleum-related activities.
‘Tinubu has particular responsibility’
SERAP said the matter required urgent presidential attention because Tinubu is also the Minister of Petroleum Resources.
The organisation said the President, in his capacity as both Head of State and Petroleum Minister, had a particular responsibility to ensure transparency and accountability in the management of petroleum revenues.
SERAP insisted that anyone found responsible should face appropriate sanctions and prosecution, regardless of status, position or institutional affiliation.
It said every naira identified in the Auditor-General’s report must be accounted for and any funds found to have been diverted, misapplied, improperly spent or otherwise unaccounted for should be recovered and returned to the Treasury.
The organisation also invoked Nigeria’s constitutional obligations under Sections 13, 14 and 15(5) of the 1999 Constitution, as well as the country’s obligations under international anti-corruption instrument.
SERAP gave the Federal Government seven days from receipt or publication of the letter to act on its demands.
It warned that failure to respond within the stipulated period could trigger “appropriate legal actions and other lawful measures” against the government, MDGIF, NUPRC and other relevant authorities.
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