Emmanuel OchayiThe Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to President Bola Tinubu, urging him to establish a presidential panel of inquiry to investigate the startling allegations of missing oil revenues and unaccounted-for refinery repair funds, totaling over US$15 billion and N200 billion, respectively, between 2020 and 2021.
These allegations were meticulously documented by the Nigeria Extractive Industries Transparency Initiative (NEITI).
SERAP’s Deputy Director, Kolawole Oluwadare, made this call in a letter dated September 23, 2023, and emphasized the need for President Tinubu to not only identify and expose those responsible for the missing public funds but also ensure their prosecution and the full recovery of any ill-gotten gains.
In a direct statement, SERAP asserted, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.
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As President and Minister of Petroleum Resources, your office ought to be concerned about these damning revelations, by getting to the bottom of the allegations and ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered.”
SERAP further warned that any failure to investigate these grave allegations, bring the culprits to justice, and recover the missing public funds would have dire consequences on resource allocation, exacerbate the country’s debt burden, erode trust in the government’s ability to combat high-level corruption and hinder foreign investment and national growth.
The ultimatum, given within seven days of the letter’s receipt or publication, underscores SERAP’s commitment to transparency and accountability. SERAP also highlighted that the findings by NEITI suggest not only a breach of public trust but also violations of the Nigerian Constitution, national anticorruption laws, and international obligations under the UN Convention against Corruption.
Key details of the allegations highlighted by NEITI include the failure of government agencies like the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) to remit significant sums to the public treasury, discrepancies in the use of funds by the NNPC Group, undisclosed details of a $3 billion loan obtained by the NNPC in 2012, and unaccounted-for pipeline transportation revenue among others.
Furthermore, NEITI revealed that approximately N200 billion was allocated for refinery rehabilitation between 2020 and 2021, yet none of the refineries were operational in 2021, raising concerns of potential misappropriation of funds.
SERAP has called upon President Tinubu’s government to adhere to the Nigerian Constitution’s provisions on proper resource management and distribution for the common good, and also fulfill its obligations under the UN Convention against Corruption.
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