By Onu Okorie

Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate and recover more than N94.4 billion allegedly diverted, unremitted or unaccounted for by two petroleum agencies.
SERAP, in a letter dated October 3, 2026, urged the President to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for the funds flagged in the 2024 Annual Report of the Auditor-General of the Federation.
The organisation gave the Federal Government seven days to act, warning that it would institute legal proceedings to compel compliance if the authorities failed to respond.
The Auditor-General’s report, published on August 7, 2026, and covering the period from January 2023 to December 2024, identified several financial irregularities involving the two agencies.
According to SERAP Deputy Director, Kolawole Oluwadare, who signed the letter, the President should direct relevant anti-corruption agencies to investigate the findings, prosecute anyone found culpable and ensure the recovery of all public funds involved.
SERAP said the MDGIF failed to remit N26.5 billion in revenue from the sale of petroleum products between 2022 and 2024, adding that the Auditor-General warned that the funds might have been diverted.
The group also alleged that the Fund failed to remit and report N12.48 billion in gas-flaring penalties for 2023, while another N12.94 billion from natural gas sales in 2024 was allegedly not collected and accounted for.
SERAP further cited N3.51 billion allegedly paid to a consultant to recover gas-flaring penalties without presidential approval and without due process. It also referred to payments of N261.8 million and N65.8 million to Transaction Advisors, for which, it said, there was no evidence of work done.
In the case of the NUPRC, SERAP said the Auditor-General reported that the Commission failed to remit N38.6 billion in gas-flaring penalties collected and due to the MDGIF.
The organisation warned that failure to remit gas-flaring penalties could reduce funds available for environmental remediation and potentially contribute to tensions in affected communities.
SERAP also asked President Tinubu to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and forward them to the Public Accounts Committees of the National Assembly.
The rights group said the findings raise concerns about transparency and accountability in the management of Nigeria’s petroleum revenues, particularly given the President’s concurrent role as Minister of Petroleum Resources and his oversight responsibilities.
SERAP cited Sections 13, 14 and 15(5) of the 1999 Constitution, as well as Nigeria’s obligations under the United Nations Convention Against Corruption and the African Union Convention on Preventing and Combating Corruption, which provide for transparency and accountability in public finance.
“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,” SERAP said.