SERAP Demands Probe Into Alleged N94.4bn Oil, Gas Fund Irregularities
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into alleged financial irregularities involving more than ₦94.4 billion at two petroleum-sector institutions.
SERAP also gave the President seven days to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for 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 urged Tinubu to direct relevant anti-corruption agencies to investigate the audit findings, recover any funds found to have been misappropriated and prosecute those responsible where sufficient admissible evidence is established.
The organisation 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 affected institutions.
According to SERAP, the Auditor-General reported that the MDGIF failed to remit ₦26.549 billion in revenue from the sale of petroleum products between January 1, 2022, and December 31, 2024.
It further alleged that ₦12.480 billion in gas-flaring penalties for 2023 was not remitted or properly reported by the MDGIF, while the NUPRC allegedly failed to remit ₦38.610 billion in gas-flaring penalties collected and due to the fund.
SERAP said the Auditor-General warned that failure to remit the penalties could leave insufficient funds for environmental remediation and heighten the risk of unrest in communities affected by gas flaring.
The organisation also cited an alleged failure by the MDGIF to collect and account for ₦12.940 billion in revenue from natural-gas sales in 2024.
Another issue highlighted by SERAP was a reported ₦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 adequate due diligence.
SERAP further cited ₦261.852 million reportedly spent on transaction advisers without evidence that the services were rendered, as well as another ₦65.8 million allegedly paid to transaction advisers in August 2024 without due process.
The organisation said the reported financial issues warranted urgent scrutiny in the public interest.
“Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation,” SERAP said.
It warned that failure to act within seven days of receiving or publishing its letter could prompt the organisation to pursue legal action and other lawful measures to compel the Federal Government, MDGIF, NUPRC and other relevant authorities to respond to its demands.
















