The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to investigate allegations of missing, diverted, or stolen public funds exceeding N26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

According to reports, these allegations stem from the 2021 audited report released by the Office of the Auditor-General of the Federation on November 13, 2024.

SERAP has emphasized the need for accountability, urging that anyone found responsible should be prosecuted if there is sufficient admissible evidence.

The organization also called for the full recovery of any missing public funds, with a recommendation that recovered funds be allocated to addressing Nigeria’s budget deficit and easing the country’s growing debt crisis.

In a letter dated February 1, 2025, signed by its Deputy Director, Kolawole Oluwadare, SERAP underscored the importance of public interest in ensuring justice and transparency.

“Tackling corruption in the oil sector would significantly help in addressing the budget deficit and Nigeria’s debt challenges,” the letter stated.

Key Findings from the Auditor-General’s Report

The 2021 audit report exposed multiple financial irregularities, including:

Petroleum Technology Development Fund (PTDF)

• Over N25 billion was paid for contracts without supporting documentation, raising concerns about potential diversion.
• N326 million deposited in two banks was unaccounted for, with suspicions that the funds might be missing.
• N107 million meant for a library automation system at the Petroleum Training Institute (PTI) was reportedly unaccounted for, with the contract awarded without approval from the National Information Technology Development Agency (NITDA).
• N46 million was paid to three companies for services without proof of execution, with one contractor allegedly receiving payment before being officially engaged.
• N60 million in stamp duty from capital expenditure contracts awarded in 2019 and 2020 was not remitted.
• N64 million was allegedly spent on store items that were never supplied.
• N41 million was disbursed for services not rendered or goods not delivered.

Federal Ministry of Petroleum Resources

• N137 million from the capital vote was spent on recurrent expenditures without approval from the National Assembly or the Minister of Finance.
• N232 million paid to seven companies for consultancy services related to stakeholder engagement in the Niger Delta was unaccounted for, with no clarity on the purpose, companies involved, or venue.
• N25 million in taxes collected from contractor payments was not remitted.
• N43 million was reportedly spent on irregular ceiling repairs.
• N74 million in unretired cash advances was granted to officers between March and December 2021.

SERAP’s Call for Action

SERAP urged the government to take immediate action within seven days, warning that failure to do so would prompt legal proceedings to ensure compliance.

The organization stressed that Nigeria’s wealth should serve the public interest and called for strong legal measures to prevent future financial mismanagement. It cited constitutional provisions, including:

• Section 15(5): Mandating the government to abolish corrupt practices.
• Section 16: Requiring national resources to be used for the common good.

SERAP also referenced Nigeria’s international obligations under the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, which require effective investigations and prosecutions of corruption cases.

The letter concluded by emphasizing that Article 26 of the UN Convention mandates “effective, proportionate, and dissuasive sanctions” for corruption, while Article 30 highlights the need for penalties that reflect the severity of such offenses.