Nigeria Oil Wealth Plundered SERAP Calls For Urgent Investigation

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an urgent investigation into allegations that over N26 billion in public funds were mismanaged, diverted, or stolen from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021…READ MORE…

The allegations stem from the 2021 audited report published by the Office of the Auditor-General of the Federation on November 13, 2024.

SERAP, in a letter dated February 1, 2025, and signed by Deputy Director Kolawole Oluwadare, urged the government to ensure that any individuals found responsible face prosecution and that all missing funds be recovered and returned to the treasury.

The organization emphasized that addressing corruption in the oil sector could help mitigate Nigeria’s budget deficit and debt crisis. It also stressed that corruption and mismanagement in the sector have deprived ordinary Nigerians of the benefits of the country’s oil wealth.

The Auditor-General’s report highlighted several financial irregularities, including payments for unexecuted contracts, unaccounted funds in bank deposits, unauthorized expenditures, and failure to remit tax and stamp duty payments.

SERAP warned that if no action is taken within seven days, it may pursue legal measures to compel the government to act in the public interest. The group also cited Nigeria’s constitutional and international obligations to prevent and combat corruption effectively.

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