SERAP Gives Tinubu Seven Days to Probe ₦94.4bn Petroleum Funds

ABUJA, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) have given President Bola Tinubu seven days to address alleged financial irregularities involving more than ₦94.4 billion at two petroleum-sector institutions.

SERAP warned that it would pursue legal action if the President failed to meet its demands.

The organisation wants Tinubu to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for public funds allegedly diverted, unremitted, unaccounted for or irregularly spent.

In a statement on Sunday, SERAP’s Deputy Director, Kolawole Oluwadare, said the allegations were contained in the Auditor-General of the Federation’s 2024 Annual Report, Volume 2, published on August 7, 2026.

SERAP also urged the President to direct relevant anti-corruption agencies to investigate the findings, recover any missing funds and prosecute those 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,” the organisation said.

The group said the audit findings raised concerns about the management of petroleum revenues, gas-flaring penalties and financial controls at the affected institutions.

According to SERAP’s account of the report, the MDGIF allegedly failed to remit ₦26.549 billion in revenue from petroleum product sales between January 2022 and December 2024.

The organisation also cited an alleged failure to remit and report ₦12.480 billion in gas-flaring penalties for 2023.

Additionally, SERAP alleged that the MDGIF failed to collect and account for ₦12.940 billion in revenue from natural gas sales in 2024.

The group further questioned a ₦3.518 billion payment to a consultant engaged by the fund to recover gas-flaring penalties.

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Mirian Gom

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Gom Mirian is a Nigerian journalist and editor at Africa Health Report (AHR), with more than a decade of experience covering health, development, humanitarian issues and public-interest affairs across Nigeria and Africa. She holds a Master’s degree in Economics and has additional training in data analytics, combining evidence-driven reporting with compelling human-centred storytelling. Her work examines the intersection of health, policy, economics, technology and social change, with a particular interest in how global decisions and emerging challenges affect communities across Africa. Her journalism has received professional recognition, including a Nestlé Award nomination for human-interest reporting. Follow her on X @mirian_linus.

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