The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to launch an immediate investigation into allegations of over N26 billion in missing, diverted, or stolen public funds from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.
The call comes after the 2021 audited report from the Office of the Auditor-General of the Federation, published on November 13, 2024, exposed extensive financial irregularities. SERAP, in a letter dated February 1, 2025, signed by its deputy director, Kolawole Oluwadare, pressed Tinubu to direct the Attorney General of the Federation and anti-corruption agencies to investigate and prosecute those responsible, recover stolen funds, and use the money to fund Nigeria’s budget deficit and address its debt crisis.
SERAP stressed that tackling corruption in the oil sector is crucial to reducing Nigeria’s budget shortfalls and financial instability. The organization emphasized that the allegations represent a severe violation of public trust, the Nigerian Constitution, anti-corruption laws, and international agreements Nigeria has committed to.
Massive Financial Irregularities Uncovered
The 2021 annual audit revealed that the PTDF paid over N25 billion for contracts without supporting documents, prompting fears that the funds may have been diverted. The Auditor-General called for the immediate recovery and remittance of the money to the treasury.
Additionally, the PTDF allegedly failed to account for:
- N326 million deposited in two banks
- N107 million meant for a library automation system
- N46 million paid to three companies for services not rendered
- N60 million in unremitted stamp duty fees
- N64 million paid for store items that were never supplied
- N41 million paid for services and goods not delivered
Similarly, the Federal Ministry of Petroleum Resources was found to have:
- Spent N137 million meant for capital projects on recurrent expenditures without approval
- Paid N232 million to seven companies for fictitious consultancy services
- Failed to remit N25 million in collected taxes
- Made N43 million in irregular payments for ceiling repairs
- Disbursed N74 million as cash advances to officers without proper accounting
The Auditor-General has recommended that all funds be recovered, remitted to the treasury, and those responsible be sanctioned.
SERAP’s Demands for Action
SERAP has given the Tinubu administration seven days to act on the findings. Failure to do so, the organization warned, would result in legal action to compel the government to comply in the public interest.
It cited the Nigerian Constitution and international anti-corruption conventions, including the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, which require governments to prevent, investigate, and prosecute corruption cases.
SERAP emphasized that Nigeria’s vast oil wealth has done little to improve the lives of ordinary citizens, mainly due to systemic corruption and lack of accountability. It urged Tinubu to ensure that those implicated face criminal prosecution, and that recovered funds are used for national development rather than allowing corrupt officials to escape justice.
