The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct relevant anti-corruption agencies to investigate alleged irregularities involving more than ₦94.4 billion in petroleum-sector funds.
SERAP, in a letter dated October 3, 2026, also called on the President to ensure the recovery and remittance of any public funds found to have been diverted, withheld, misapplied or otherwise unaccounted for.
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 Auditor-General’s findings relate to various periods between January 2023 and December 2024 and concern the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
SERAP Deputy Director, Kolawole Oluwadare, who signed the letter, urged President Tinubu to direct the relevant authorities to investigate the reported financial irregularities and prosecute anyone found culpable where sufficient admissible evidence is established.
Among the issues raised was an allegation that the MDGIF failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 2022 and December 2024.
SERAP said the Auditor-General expressed concern that the funds might have been diverted and recommended their recovery and remittance to the Treasury.
The organisation also cited an alleged failure by the MDGIF to remit and report ₦12.48 billion in gas-flaring penalties for 2023.
According to SERAP, the Auditor-General raised concerns over the failure to collect and promptly remit net revenue generated by NUPRC from gas flaring into the MDGIF account as required under the Petroleum Industry Act 2021.
SERAP further alleged that NUPRC failed to remit ₦38.61 billion in gas-flaring penalties collected and due to the MDGIF.
It said the Auditor-General warned that failure to remit the funds could create shortages for environmental remediation and contribute to risks associated with the non-remediation of environmental hazards.
The organisation also highlighted an alleged ₦12.94 billion in revenue from 2024 natural gas sales which the MDGIF reportedly failed to collect and account for.
Other expenditures questioned in the audit report, according to SERAP, include ₦3.518 billion allegedly paid to a consultant to recover gas-flaring penalties without presidential approval.
SERAP said the Auditor-General found no evidence of due process or due diligence in the engagement and expressed concern that the funds might have been diverted.
The organisation also cited ₦261.852 million reportedly spent on Transaction Advisors, saying the Auditor-General found no evidence of work performed by the advisers.
Another ₦65.8 million reportedly spent on Transaction Advisors in August 2024 was also questioned over alleged failure to follow due procurement procedures.
Beyond the financial allegations, SERAP called on the President to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and ensure that they are forwarded to the Public Accounts Committees of the National Assembly.
The organisation also asked the MDGIF and NUPRC to publish a detailed schedule showing amounts due, collected, remitted and recovered, alongside transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
SERAP said greater transparency was necessary because the funds involved include petroleum revenues and gas-flaring penalties intended for public purposes, including environmental remediation.
“There is a legitimate public interest in ensuring justice and accountability for these grave findings,” the organisation said, adding that the issues raised questions about the transparency and effectiveness of the management of petroleum revenues and gas-flaring penalties.
SERAP gave the government seven days from the receipt or publication of its letter to act on its requests, warning that it would consider legal action and other lawful measures if the demands were not addressed.
The organisation also referred to Nigeria’s obligations under the United Nations Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, particularly provisions relating to transparency, public procurement, public financial management and accountability.
SERAP stressed that the audit findings should be investigated and that anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation.
