The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu seven days to act on alleged financial irregularities involving more than ₦94.4 billion at two petroleum-sector institutions, warning that it may seek legal redress if its demands are not addressed.
SERAP urged the President 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 signed by its Deputy Director, Kolawole Oluwadare, the organisation 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 called on the President to direct the appropriate anti-corruption agencies to investigate the audit findings, recover any affected public 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.
SERAP said the audit findings raised concerns over the management of petroleum revenues and gas-flaring penalties, as well as the effectiveness of financial controls at the two institutions.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions and other lawful measures to compel your government, the MDGIF, NUPRC and other relevant authorities to comply with our requests in the public interest,” it stated.
According to SERAP’s account of the Auditor-General’s report, the MDGIF failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 1, 2022, and December 31, 2024.
The organisation said the Auditor-General expressed concern that the funds might have been diverted and recommended their recovery and remittance to the Treasury.
SERAP also cited the MDGIF’s alleged failure to remit and report ₦12.480 billion in gas-flaring penalties for 2023, as well as the NUPRC’s alleged failure to remit ₦38.610 billion in gas-flaring penalties collected and due to the fund.
According to the organisation, the Auditor-General warned that failure to remit the penalties could leave inadequate funds for environmental remediation and heighten the risk of unrest in affected communities.
The MDGIF was further accused of failing to collect and account for ₦12.940 billion in revenue from natural gas sales in 2024.
SERAP also raised concerns over a ₦3.518 billion payment to a consultant engaged by the MDGIF to recover gas-flaring penalties.
According to the organisation, the Auditor-General found that the engagement lacked presidential approval and evidence of due process or due diligence.
The organisation further highlighted ₦261.852 million reportedly spent on transaction advisers without evidence that the advisers carried out the work for which they were engaged.
It also cited another ₦65.8 million payment to transaction advisers in August 2024, which it said was allegedly made without following due process.
