SERAP gives Tinubu 7 days to explain ₦94.4bn petroleum fund issues
SERAP gave President Bola Tinubu seven days to address alleged financial irregularities exceeding ₦94.4 billion at two petroleum-sector institutions—the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)—based on the Auditor‑General of the Federation’s 2024 Annual Report, Volume 2, published August 7, 2026. The organisation said the MDGIF failed to remit ₦26.549 billion in revenue from petroleum product sales between January 2022 and December 2024, and did not remit or report ₦12.480 billion in gas‑flaring penalties for 2023. It also accused the NUPRC of failing to remit ₦38.610 billion in gas‑flaring penalties collected and due to the fund. Additional allegations include the MDGIF’s failure to collect and account for ₦12.940 billion from natural‑gas sales in 2024, a ₦3.518 billion payment to a consultant engaged to recover gas‑flaring penalties that lacked presidential approval and due‑process evidence, and spending of ₦261.852 million and ₦65.8 million on transaction advisers without proof of work or proper procedure.
SERAP urged Tinubu to direct the institutions to account for the funds, instruct anti‑corruption agencies to investigate, recover any misappropriated monies, and prosecute those responsible where sufficient admissible evidence exists. It warned that if no action is taken within seven days of receiving or publishing the letter, SERAP will consider appropriate legal steps and other lawful measures to compel compliance in the public interest. The group said the audit findings raise concerns about petroleum‑revenue management, gas‑flaring penalties, and the effectiveness of financial controls in the implicated agencies.