The Socio-Economic Rights and Accountability Project has issued a seven-day ultimatum to President Bola Tinubu to address corruption claims in the oil sector. The organization urges him to instruct the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the disappearance of over N26 billion. This amount reportedly went missing, was diverted, or stolen from the Petroleum Technology Development Fund and the Federal Ministry of Petroleum Resources in 2021.
In a statement released on February 1, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the group warned that if the government does not take action within the given timeframe, it will initiate legal proceedings to ensure compliance for the public good. “We would appreciate it if the suggested measures are implemented within seven days of receiving and/or publishing this letter. If we do not hear from you by then, SERAP will consider appropriate legal action to compel your government to meet our request in the public interest,” the letter stated.
The disclosures, outlined in the 2021 annual audited report published by the Office of the Auditor-General of the Federation on November 13, 2024, reveal alleged financial mismanagement and corruption within the oil sector, with funds reportedly unaccounted for, mismanaged, or utilized without proper procedures. “The allegations indicate a serious breach of public trust, the Nigerian Constitution 1999 (as amended), the nation’s anti-corruption laws, and international anti-corruption commitments,” SERAP emphasized. The organization has called for the immediate prosecution of those accountable and the complete recovery and remittance of any missing public funds to the national treasury.
It also called on the government to use recovered funds to tackle Nigeria’s budget deficit and alleviate the country’s debt crisis.
The Auditor-General’s report highlighted several questionable expenditures by the PTDF and the Petroleum Ministry, including:
– Over N25 billion paid for contracts lacking supporting documentation.
– N326 million deposited in two banks with no records.
– N107 million allocated for the supply, installation, and commissioning of a library automation system without approval from the National Information Technology Development Agency.
– N46 million paid to three companies for services without proof of completion.
– N60 million in stamp duty fees from capital expenditure contracts that were not remitted.
– N64 million for store items that were reportedly not delivered.
– N41 million paid for services not yet rendered or goods not yet delivered.
– N137 million spent on recurrent expenditures without the National Assembly’s approval.
– N232 million paid to seven companies for “stakeholders’ engagement in the Niger Delta,” lacking details on the engagement’s nature, location, or justification.
“The Auditor-General is concerned that the funds may have been misappropriated. He is calling for the recovery and remittance of these funds to the treasury,” the report consistently noted.
SERAP stressed that addressing corruption in the oil sector would play a crucial role in alleviating Nigeria’s financial issues.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money, primarily due to widespread grand corruption and the entrenched culture of impunity among perpetrators,” SERAP’s letter stated.
The organization cited Nigeria’s constitutional obligations and international commitments, such as the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, as key legal frameworks requiring the government to act swiftly.
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom, and happiness of every citizen based on social justice and equality of status and opportunity,’” the letter added.
SERAP reiterated its demand for immediate and effective measures to investigate the allegations, prosecute those found culpable, and recover stolen funds.
“The country’s wealth ought to be used solely for the benefit of the Nigerian people and the sake of present and future generations,” it stated.
