The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu seven days to act on alleged financial irregularities involving over ₦94.4 billion at two petroleum-sector institutions, warning that it may take legal action if its requests are not addressed.
The organisation urged Tinubu to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for public funds reportedly diverted, unremitted, unaccounted for or irregularly spent.
In a statement on Sunday, signed by its deputy director, Kolawole Oluwadare, SERAP said the allegations were documented in the Auditor-General of the Federation’s 2024 Annual Report, Volume 2, published on August 7, 2026.
It asked the President to direct the appropriate anti-corruption agencies to investigate the findings, recover affected funds and prosecute anyone responsible where sufficient admissible evidence is established.
“Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation,” the organisation said.
SERAP said the audit findings raised questions about the management of petroleum revenues and gas-flaring penalties, as well as the effectiveness of financial controls in the institutions.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions and other lawful measures to compel your government, the MDGIF, NUPRC and other relevant authorities to comply with our requests in the public interest,” it stated.
According to SERAP’s account of the audit report, the MDGIF failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 1, 2022, and December 31, 2024.
The organisation said the Auditor-General raised concerns that the money might have been diverted and recommended its recovery and remittance to the Treasury.
It also cited an alleged failure by the MDGIF to remit and report ₦12.480 billion in gas-flaring penalties for 2023, alongside an alleged failure by NUPRC to remit ₦38.610 billion in gas-flaring penalties collected and due to the fund.
SERAP said the Auditor-General warned that failures to remit the penalties could leave insufficient funds for environmental remediation and increase the risk of unrest in affected communities.
The MDGIF was also accused of failing to collect and account for ₦12.940 billion in revenue from natural-gas sales in 2024.
The letter further cited a payment of ₦3.518 billion to a consultant engaged by the MDGIF to recover gas-flaring penalties.
According to SERAP, the Auditor-General found that the engagement lacked presidential approval and evidence of due process or due diligence.
The organisation also highlighted ₦261.852 million reportedly spent on transaction advisers without evidence that they executed the work, and another ₦65.8 million spent on transaction advisers in August 2024 allegedly without due process.
The post SERAP Urges Tinubu To Order Probe Into Alleged ₦94.4bn Oil Fund Irregularities appeared first on Channels Television.