Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an urgent investigation into over ₦94.4 billion allegedly diverted, unremitted, unaccounted for or irregularly spent by key petroleum sector agencies.
The organisation made the demand in a letter dated October 3, 2026, following findings contained in the 2024 Volume Two Annual Report of the Auditor-General of the Federation, which examined financial activities between 2023 and 2024.
SERAP asked the President to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to fully account for the funds and ensure that anyone found responsible is prosecuted if sufficient evidence is established.
The group also urged the government to recover all missing public funds and remit them into the national treasury.
In the letter signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said, “Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation.”
SERAP further stated, “Every naira identified in the Auditor-General’s report must be properly accounted for, and any oil funds found to have been diverted, misapplied, improperly spent or otherwise unaccounted for must be fully recovered and remitted to the Treasury.”
The organisation also asked the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 as recommended by the Auditor-General.
According to the audit report, the alleged financial irregularities include unremitted petroleum sales revenue, gas-flaring penalties, natural gas sales income and payments made without due process or proof of work done.
SERAP warned that the alleged failure to account for the money could weaken public confidence in the management of Nigeria’s petroleum resources and reduce funds meant for environmental remediation and other public services.
The organisation stressed that President Tinubu, who also serves as the Minister of Petroleum Resources, has a special responsibility to ensure transparency, accountability and proper oversight of the sector.
SERAP gave the Federal Government seven days to begin implementing its recommendations, warning that it would consider legal action if the demands are ignored.
The organisation said the Auditor-General’s findings reveal serious weaknesses in financial controls, procurement procedures and revenue management within the affected institutions.
SERAP added that its demands are consistent with the Nigerian Constitution and international anti-corruption treaties, which require transparency, accountability and proper management of public resources.