The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to probe allegations of missing, diverted, or stolen public funds totaling over N26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.
These allegations stem from findings documented in the 2021 audited report, released on November 13, 2024, by the Office of the Auditor-General of the Federation. SERAP emphasized the need for accountability, stating, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury.”
The organization urged that any recovered funds be allocated toward addressing Nigeria’s budget deficit and reducing its mounting debt crisis.
In a letter dated February 1, 2025, and signed by SERAP’s deputy director, Kolawole Oluwadare, the group underscored the public’s interest in ensuring justice and transparency.
“Tackling corruption in the oil sector would go a long way in addressing the budget deficit and debt problems,” the letter stated. According to SERAP, the allegations represent a serious breach of public trust, violating the Nigerian Constitution, the country’s anti-corruption laws, and international commitments.
The letter continued: “Poor Nigerians have continued to pay the price for the widespread and grand corruption in the oil sector.” SERAP further lamented that despite Nigeria’s oil wealth, ordinary citizens have benefited little due to systemic corruption and a culture of impunity.
The 2021 annual audit by the Auditor-General highlighted multiple financial irregularities: Petroleum Technology Development Fund (PTDF) reportedly paid over N25 billion for contracts without supporting documentation, raising concerns about possible diversion. PTDF allegedly failed to account for N326 million deposited in two banks, which the Auditor-General suspects may be missing.
A sum of N107 million meant for a library automation system at the Petroleum Training Institute (PTI) was reportedly unaccounted for, with the contract awarded without approval from the National Information Technology Development Agency (NITDA