The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into allegations of missing N26 billion from the Petroleum Technology Development Fund (PTDF) and the Ministry of Petroleum Resources in 2021.
SERAP is specifically asking the President to direct the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), along with appropriate anti-corruption agencies to urgently investigate the allegation that the said sum, being public funds is missing, diverted, or stolen from the PTDF and Ministry.
The organisation also urged Tinubu to ensure that anyone responsible is prosecuted if sufficient admissible evidence exists, and that all missing public funds should be fully recovered and returned to the treasury.
It further urged the President to use any recovered stolen funds to address the deficit in the 2025 budget and alleviate Nigeria’s crippling debt crisis.
SERAP, which made the demands in an open letter dated February 1, 2025, signed by its Deputy Director, Kolawole Oluwadare, stated that ensuring justice and accountability regarding these serious allegations is important.
It noted that tackling corruption in the oil sector would significantly contribute to addressing the budget deficit and debt challenges.
The civil society organisation maintained that the allegations indicate a serious violation of public trust, the Nigerian Constitution 1999 (as amended), the country’s anti-corruption laws, and international anti-corruption obligations
SERAP also stated that poor Nigerians have continued to suffer due to widespread corruption in the oil sector.
It pointed out that despite the country’s vast oil wealth, ordinary Nigerians have received minimal benefit from oil revenues, largely due to pervasive grand corruption and an entrenched culture of impunity among perpetrators.
SERAP stated, “The 2021 annual audited report by the Auditor-General of the Federation revealed that the PTDF reportedly paid over N25 billion (specifically N25,607,890,403.11) for contracts that lacked supporting documentation.
“The Auditor-General expressed concerns that the funds may have been diverted and requested their recovery and return to the treasury.
“Furthermore, the PTDF failed to account for over N326 million (N326,065,638.00) deposited in two banks, raising fears that the money may be missing and should be recovered and returned to the treasury.
“The report indicates that the PTDF did not account for over N107 million (N107,691,733.93) designated for supplying, installing, and commissioning a library automation system and RFID at the Petroleum Training Institute (PTI).
“The contract for this library was reportedly awarded without prior approval from the National Information Technology Development Agency (NITDA), leading to concerns about potential diversion of the funds.
“Additionally, the PTDF reported payments of over N46 million (N46,974,216.43) to three companies for services without evidence of execution. One of the contractors was engaged on April 13, 2021, but was paid for services rendered in March 2021. All three contractors received payments for services not provided to the PTDF.
“The Auditor-General fears that this money may have been diverted and has called for its recovery and return to the treasury.
“The PTDF also failed to remit over N60 million (N60,355,670.03) in stamp duties from capital expenditure contracts awarded in 2019 and 2020, providing no reason for the failure to remit these funds.
“The Auditor-General indicated that the money may have been diverted and has requested its recovery and return to the treasury.
“Moreover, the PTDF did not account for over N64 million (N64,088,158.44) related to payments for store items that were not supplied. The Auditor-General expressed concerns about the potential diversion of these funds as well.
“Payments of over N41 million (N41,367,493.50) were made by the PTDF for services not yet performed or goods not yet supplied without relevant supporting documents such as invoices or receipts. Similarly, the Auditor-General fears this money may be missing and has requested its recovery.
“In addition, the Federal Ministry of Petroleum Resources reportedly spent over N137 million (N137,751,789.85) from the Capital Vote on expenditures of a recurrent nature without any approval from the National Assembly or the Minister of Finance.
“The Auditor-General fears that this money may also be missing and has urged its recovery and return to the treasury and sanctions for gross misconduct, as stipulated in paragraph 3129 of the Financial Regulations 2009.
“The Ministry reportedly failed to account for over N232 million (N232,509,238.21) linked to payments made to seven companies for consultancy services,” SERAP stated.