SERAP Demands Investigation into Missing N26 Billion in Petroleum Ministry
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an urgent investigation into the alleged misappropriation of N26 billion from the Petroleum Technology Development Fund (PTDF) and the Ministry of Petroleum Resources in 2021.
Call for Action Against Corruption
In an open letter dated February 1, 2025, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization urged the President to direct the Attorney General of the Federation, Prince Lateef Fagbemi (SAN), and relevant anti-corruption agencies to look into the matter.
SERAP insists that:
Those responsible should be prosecuted if there is sufficient evidence.
Any misappropriated funds must be recovered and returned to the national treasury.
Recovered funds should be used to reduce Nigeria’s budget deficit and debt crisis.
Audit Report Exposes Irregularities
The Auditor-General of the Federation’s 2021 annual audit raised concerns over N25.6 billion paid for undocumented contracts by the PTDF. Additional funds remain unaccounted for, including:
N326 million deposited in two banks without proper records.
N107 million allocated for a library automation project that was not properly approved.
N46 million paid to three companies for services without proof of execution.
N60 million in stamp duties from contracts in 2019 and 2020 that were not remitted.
N64 million spent on store items that were never supplied.
N41 million paid for goods and services without supporting invoices or receipts.
Additionally, the Ministry of Petroleum Resources allegedly spent N137 million from capital funds on recurrent expenses without approval from the National Assembly or the Finance Minister.
SERAP Condemns Corruption in the Oil Sector
SERAP highlighted that despite Nigeria’s vast oil wealth, ordinary citizens see little benefit due to corruption and mismanagement.
The organization emphasized that tackling financial misconduct in the oil sector would help address Nigeria’s economic challenges.
Public Trust at Stake
The organization stressed that these allegations violate:
The Nigerian Constitution (1999, as amended)
National anti-corruption laws
International obligations against financial misconduct
What’s Next?
SERAP is pushing for immediate action to hold those responsible accountable and ensure that public funds are properly managed for national development.
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