The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct anti-corruption agencies to investigate the alleged diversion, non-remittance, and irregular spending of over ₦94.4 billion in public funds by two major energy entities.
The demand was contained in a letter dated Saturday, October 3, 2026, signed by SERAP Deputy Director Kolawole Oluwadare and made public in Lagos on Sunday, October 4, 2026.
The affected institutions named in the petition are the Midstream and Downstream Gas Infrastructure Fund (MDGIF), based in Abuja, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to SERAP, the requested investigation stems from financial discrepancies documented in Volume 2 of the Auditor-General of the Federation’s 2024 Annual Report, published on August 7, 2026.
Among the key highlights cited from the audit findings include failure by MDGIF to remit and report ₦12.48 billion in gas flaring penalties for 2023, along with an unremitted ₦38.61 billion in gas flaring penalties collected by NUPRC that was due to the fund.
A total of ₦12.94 billion in statutory revenue from natural gas sales in 2024 that MDGIF allegedly failed to collect and account for.
A payment of ₦3.518 billion to an external consultant hired by MDGIF to recover gas flaring penalties, which auditors reported was executed without required presidential approval, proof of due process, or evidence of due diligence.
Payments totaling ₦261.85 million to transaction advisers without documentation that work was executed, alongside an additional ₦65.8 million paid to transaction advisers in August 2024 allegedly outside of due process.
In the letter, Oluwadare urged President Tinubu to mandate the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to jointly probe the funds.
”Directing anti-corruption agencies to promptly investigate these grave allegations, ensure the prosecution of anyone responsible where sufficient admissible evidence exists, and recover all missing public funds is critical to restoring public trust,” the letter read in part.
SERAP further asked the administration to direct MDGIF management to publish its full audited financial statements for 2022, 2023, and 2024 to enhance public transparency.
In response to the underlying audit findings, MDGIF management maintained that its operations comply with Section 52 of the Petroleum Industry Act (PIA) 2021.
Officials stated that discrepancies in gas flaring penalty collections stem from complex multi-agency reconciliation processes between collecting regulators and recipient funds rather than missing revenue.
SERAP indicated that if the administration fails to act on the petition within 7 days, the organization will consider legal options to compel the federal government to enforce public accountability laws.
SERAP Urges Tinubu to Investigate Alleged Diverted ₦94.4 Billion Oil Revenues
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct anti-corruption agencies to investigate the alleged diversion, non-remittance, and irregular spending of over ₦94.4 billion in public funds by two major energy entities.
The demand was contained in a letter dated Saturday, October 3, 2026, signed by SERAP Deputy Director Kolawole Oluwadare and made public in Lagos on Sunday, October 4, 2026.
The affected institutions named in the petition are the Midstream and Downstream Gas Infrastructure Fund (MDGIF), based in Abuja, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to SERAP, the requested investigation stems from financial discrepancies documented in Volume 2 of the Auditor-General of the Federation’s 2024 Annual Report, published on August 7, 2026.
Among the key highlights cited from the audit findings include failure by MDGIF to remit and report ₦12.48 billion in gas flaring penalties for 2023, along with an unremitted ₦38.61 billion in gas flaring penalties collected by NUPRC that was due to the fund.
A total of ₦12.94 billion in statutory revenue from natural gas sales in 2024 that MDGIF allegedly failed to collect and account for.
A payment of ₦3.518 billion to an external consultant hired by MDGIF to recover gas flaring penalties, which auditors reported was executed without required presidential approval, proof of due process, or evidence of due diligence.
Payments totaling ₦261.85 million to transaction advisers without documentation that work was executed, alongside an additional ₦65.8 million paid to transaction advisers in August 2024 allegedly outside of due process.
In the letter, Oluwadare urged President Tinubu to mandate the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to jointly probe the funds.
”Directing anti-corruption agencies to promptly investigate these grave allegations, ensure the prosecution of anyone responsible where sufficient admissible evidence exists, and recover all missing public funds is critical to restoring public trust,” the letter read in part.
SERAP further asked the administration to direct MDGIF management to publish its full audited financial statements for 2022, 2023, and 2024 to enhance public transparency.
In response to the underlying audit findings, MDGIF management maintained that its operations comply with Section 52 of the Petroleum Industry Act (PIA) 2021.
Officials stated that discrepancies in gas flaring penalty collections stem from complex multi-agency reconciliation processes between collecting regulators and recipient funds rather than missing revenue.
SERAP indicated that if the administration fails to act on the petition within 7 days, the organization will consider legal options to compel the federal government to enforce public accountability laws.
