The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to investigate alleged financial irregularities involving more than N94.4bn in petroleum-sector revenues and expenditures.
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 Annual Report of the Auditor-General of the Federation, which examined financial activities covering 2023 and 2024.
SERAP urged the President to order relevant anti-corruption agencies to investigate the alleged diversion, non-remittance and misuse of the funds, recover any money found to have been improperly handled and prosecute those responsible where sufficient evidence exists.
The organisation said, “Every naira identified in the Auditor-General’s report must be properly accounted for, and any oil funds found to have been diverted, misapplied, improperly spent or otherwise unaccounted for must be fully recovered and remitted to the Treasury.”
Among the issues highlighted was an alleged failure by the Midstream and Downstream Gas Infrastructure Fund to remit N26.55bn generated from petroleum product sales between January 2022 and December 2024.
SERAP also alleged that N12.48bn in gas-flaring penalties for 2023 was not remitted and reported as required.
It further cited an alleged N38.61bn in gas-flaring penalties collected by the Nigerian Upstream Petroleum Regulatory Commission but reportedly not remitted to the MDGIF.
The organisation said the Auditor-General had raised concerns over the possible diversion of some of the funds and the potential impact of unremitted gas-flaring penalties on environmental remediation.
SERAP also alleged that the MDGIF paid N3.52bn to a consultant to recover gas-flaring penalties without presidential approval, while another N261.85m was reportedly spent on transaction advisers without evidence of work being carried out.
It further cited an additional N65.8m expenditure on transaction advisers, alleging that the engagement did not follow due process.
The group also called on the MDGIF to publish its audited financial statements for 2022, 2023 and 2024 and submit them to the National Assembly’s Public Accounts Committees.
SERAP said, “Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation.”
The organisation gave the Federal Government seven days to respond to its demands, warning that it would consider legal action if no action was taken.
It said, “There is a legitimate public interest in ensuring justice and accountability for these grave findings.”
SERAP also called for the publication of details showing the amounts due, collected, remitted and recovered, as well as the dates of transactions and the institutions or officials responsible.
It said the matter required urgent attention because some of the funds involved were gas-flaring penalties intended, among other purposes, to support environmental remediation.
SERAP added that the alleged financial lapses raised concerns about transparency and the effectiveness of controls governing Nigeria’s petroleum revenues.
