The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu seven days to order an investigation into alleged financial irregularities involving more than N94.4 billion in petroleum-sector funds.
The organisation wants the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for funds that were allegedly diverted, not remitted, left unaccounted for or spent without proper procedures.
SERAP made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare.
The organisation said the allegations were contained in Volume 2 of the Auditor-General of the Federation’s 2024 Annual Report, published on August 7, 2026, covering various periods through December 2024.
SERAP called on Tinubu to direct relevant anti-corruption agencies to investigate the findings, recover any public funds found to have been improperly handled and prosecute anyone found responsible where sufficient admissible evidence exists.
“Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation,” SERAP said.
The organisation also asked Tinubu to direct the MDGIF to publish its audited financial statements for 2022, 2023 and 2024 and ensure they are submitted to the Public Accounts Committees of the National Assembly.
Billions in Petroleum Revenue, Gas-Flare Penalties Questioned
Among the issues highlighted by SERAP was an alleged failure by the MDGIF to remit N26.549 billion generated from petroleum-product sales between January 2022 and December 2024.
SERAP said the Auditor-General expressed concern that the money may have been diverted and recommended that it be recovered and paid into the Treasury.
The organisation also cited N12.480 billion in gas-flaring penalties for 2023 which it said the MDGIF allegedly failed to remit and report.
Another N38.610 billion in gas-flaring penalties collected and due to the MDGIF was allegedly not remitted by NUPRC.
SERAP said the Auditor-General warned that failure to remit gas-flaring penalties could reduce the funds available for environmental remediation and potentially increase the risk of unrest in communities affected by environmental damage.
The MDGIF was further accused of failing to collect and account for N12.940 billion generated from natural-gas sales in 2024.
Questions Over Consultancy, Transaction Adviser Payments
SERAP also raised concerns over a N3.518 billion payment by the MDGIF to a consultant engaged to recover gas-flaring penalties.
According to the organisation, the Auditor-General found that the engagement lacked presidential approval as well as evidence of due process or due diligence.
Another N261.852 million was reportedly spent on transaction advisers, but SERAP said there was no evidence that the advisers actually carried out the work for which they were engaged.
The organisation also cited a further N65.8 million paid to transaction advisers in August 2024, alleging that the engagement was made without due process.
SERAP said the collection of petroleum revenues, natural-gas proceeds and gas-flaring penalties must be subject to proper financial controls and public accountability.
It urged the relevant agencies to provide a detailed account showing the amounts due, collected, remitted and recovered, as well as transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
SERAP Threatens Legal Action
SERAP said the issues raised by the audit findings required urgent action in the public interest.
It gave the government seven days to respond to its demands, warning that it could pursue legal and other lawful measures if the requested investigation, disclosure and recovery steps were not taken.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter,” SERAP stated.
The organisation said every naira identified in the Auditor-General’s findings should be properly accounted for, with any funds found to have been improperly withheld, diverted, misapplied or spent recovered and remitted to the Treasury.
