Amanze Chinonye
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an investigation into more than 94.4 billion naira in petroleum-sector revenues and gas-flaring penalties flagged by the Auditor-General of the Federation, Prime Business Africa reports.
SERAP said the allegations, contained in the Auditor-General’s 2024 Annual Report (Volume 2), involved funds allegedly diverted, unremitted, unaccounted for or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report was published on Aug. 7, 2026, and contains findings covering various periods between January 2023 and Dec. 31, 2024.
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In a letter dated Oct. 3 and signed by its Deputy Director, Kolawole Oluwadare, SERAP called on Tinubu to direct relevant anti-corruption agencies to investigate the findings, recover any funds found to have been misappropriated and prosecute those responsible where sufficient admissible evidence is established.
The organisation cited an Auditor-General finding that MDGIF failed to remit 26.549 billion naira in revenue from petroleum-product sales between Jan. 1, 2022, and Dec. 31, 2024. The Auditor-General expressed concern that the funds may have been diverted and recommended their recovery and remittance to the Treasury, SERAP said.
The audit also found that MDGIF failed to remit and report 12.480 billion naira in gas-flaring penalties for 2023, while NUPRC allegedly failed to remit 38.610 billion naira in penalties collected and due to MDGIF. SERAP said the Auditor-General warned that such failures could reduce funds available for environmental remediation.
Other findings cited by SERAP included 12.940 billion naira in revenue from 2024 natural-gas sales that MDGIF allegedly failed to collect and account for, as well as 3.518 billion naira paid to a consultant to recover gas-flaring penalties without presidential approval.
The Auditor-General reportedly found no evidence of due process or due diligence in the consultancy engagement.
The audit further flagged 261.852 million naira paid to transaction advisers without evidence of work performed and another 65.8 million naira paid to transaction advisers in August 2024 without due process. The Auditor-General recommended that the relevant MDGIF official account for the latter expenditure, SERAP said.
SERAP also asked Tinubu to direct MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and forward them to the National Assembly’s Public Accounts Committees. It called for a public schedule showing amounts due, collected, remitted and recovered, together with transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
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The group said the findings raised concerns about transparency and controls in the management of petroleum revenues and gas-flaring penalties, including funds intended for environmental remediation. It gave the government seven days to act, warning that it would consider legal action and other lawful measures if its demands were not addressed.
SERAP said anyone found responsible should be sanctioned or prosecuted only where sufficient admissible evidence is established.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
