The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu a seven-day ultimatum to take action on missing N26 billion in the oil sector.
In a letter dated February 1, 2025, SERAP is demanding that Tinubu order the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate how the funds disappeared from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.
SERAP warns that if the government fails to act, it will take legal steps to force compliance.
“If we do not receive a response within seven days, we will take legal action in the public interest,” SERAP’s letter, signed by Deputy Director Kolawole Oluwadare, stated.
According to a 2021 audit report by the Auditor-General of the Federation (released on November 13, 2024), the missing funds were:
🔴 N25 billion paid for contracts without supporting documents
🔴 N326 million deposited in banks, but unaccounted for
🔴 N107 million spent on a library automation system without approval
🔴 N46 million paid for services with no proof of execution
🔴 N60 million in stamp duty fees not remitted
🔴 N64 million paid for store items that were never supplied
🔴 N41 million paid for services or goods that were not delivered
🔴 N137 million used for expenses without National Assembly approval
🔴 N232 million paid for “stakeholder engagement” in the Niger Delta, but no details on the project
The Auditor-General suspects the money was diverted and has called for its immediate recovery and remittance to the national treasury.
SERAP is demanding that those responsible be prosecuted and that all missing funds be recovered to help reduce Nigeria’s budget deficit and debt crisis.
“Despite Nigeria’s oil wealth, ordinary Nigerians have gained little because of corruption and impunity,” SERAP stated.
It also reminded Tinubu of Nigeria’s constitutional and international obligations, including the UN Convention against Corruption and the African Union’s anti-corruption agreement.
SERAP insists that the wealth of Nigeria belongs to its people and must be used for their benefit.
