The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to President Bola Tinubu, urging him to investigate the alleged disappearance of over N26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.
In a statement dated February 1, 2025, signed by Deputy Director Kolawole Oluwadare, SERAP called on the President to direct Attorney General Lateef Fagbemi (SAN) and anti-corruption agencies to probe the missing funds. The organisation warned that failure to act within the stipulated timeframe would result in legal action.
“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 action to compel your government to comply with our request in the public interest,” the letter read.
Auditor-General’s Report Uncovers Financial Mismanagement
The demand follows revelations from the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024. The report details financial irregularities, including missing, mismanaged, or improperly spent funds in the oil sector.
“The allegations suggest a grave violation of public trust, the Nigerian Constitution 1999 (as amended), the country’s anti-corruption legislation, and international anti-corruption obligations,” SERAP stated.
The audit report highlighted several questionable expenditures, including:
Over N25 billion paid for contracts without supporting documents.
N326 million deposited in two banks unaccounted for.
N107 million spent on a library automation system without National Information Technology Development Agency (NITDA) approval.
N46 million paid to three companies for undocumented services.
N60 million in stamp duty fees from capital expenditure contracts unremitted.
N64 million allocated for store items reportedly not supplied.
N41 million paid for services or goods not yet delivered.
N137 million used for recurrent expenditures without National Assembly approval.
N232 million disbursed to seven companies for unspecified “stakeholders’ engagement in the Niger Delta.”
“The Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury,” the report stated.
Calls for Accountability and Recovery of Funds
SERAP has called for the immediate prosecution of those responsible and the full recovery and remittance of any missing public funds to the national treasury. It also urged the government to use recovered funds to address Nigeria’s budget deficit and alleviate its growing debt crisis.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money, primarily due to widespread grand corruption and the entrenched culture of impunity among perpetrators,” SERAP’s letter stated.
The organisation emphasized that the Nigerian government is bound by constitutional and international obligations, including the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption.
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom, and happiness of every citizen based on social justice and equality of status and opportunity,’” the letter added.
Reiterating its demand for swift action, SERAP urged the government to investigate, prosecute, and recover stolen public funds, stressing that Nigeria’s wealth must serve the interests of its people now and in the future.
