SERAP Demands Probe into Missing N26bn in Petroleum Ministry and PTDF

Call for Action Against Corruption in the Oil Sector

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to launch an immediate investigation into the alleged disappearance of over N26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

This demand follows revelations from the 2021 audited report released by the Office of the Auditor-General of the Federation on November 13, 2024.

SERAP insists that anyone found guilty should face prosecution and that all missing funds be recovered and returned to the national treasury. The organization further called on the government to use recovered funds to reduce the 2025 budget deficit and alleviate Nigeria’s rising debt crisis.

A Case of Widespread Corruption

In a letter dated February 1, 2025, signed by SERAP’s deputy director, Kolawole Oluwadare, the group emphasized the public’s right to justice and accountability, particularly in the oil sector—a major source of national revenue.

According to SERAP, the allegations reflect a serious breach of public trust, violating the Nigerian Constitution, anti-corruption laws, and international agreements Nigeria has signed.

Key findings from the Auditor-General’s report include:

Over N25.6 billion was paid for contracts without supporting documents at PTDF.
N326 million deposited in two banks remains unaccounted for.
A library contract was awarded without NITDA’s approval, raising concerns over possible fund diversion.
N46.9 million was paid to three companies without evidence of service delivery. One contractor was paid for work before even being engaged.
N60.3 million in stamp duty from contracts awarded in 2019 and 2020 was not remitted.
N64 million was paid for store items that were never supplied.
N41 million was paid for services and goods that were not delivered, with no invoices or receipts to support the payments.
The Federal Ministry of Petroleum Resources spent over N137 million from its capital vote on recurrent expenses without approval from the National Assembly or Minister of Finance.
N232 million was paid to seven companies for consultancy services, but the services remain unverified, and no records exist on what they did.

The Cost of Corruption on Nigerians

SERAP condemned the culture of impunity in Nigeria’s oil sector, stating that despite the country’s vast oil wealth, ordinary Nigerians continue to suffer due to corruption.

The organization stressed that corruption has long crippled Nigeria’s economy, leaving citizens burdened with economic hardship and a growing debt crisis.

Legal and International Obligations

SERAP highlighted Nigeria’s constitutional obligation to fight corruption, citing:

Section 15(5) of the Constitution, which mandates the government to abolish corrupt practices and abuse of power.
Section 16(2), which states that Nigeria’s wealth must serve the common good.

Furthermore, as a signatory to the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, Nigeria is legally bound to investigate and punish corruption effectively.

SERAP’s Ultimatum to Tinubu

SERAP has given President Tinubu a 7-day deadline to take action.

If no response is received, the organization will take legal action to compel the government to comply.

“The wealth of this nation must benefit Nigerians—not a few corrupt officials,” the group stated.

What Next?

With these fresh allegations, Nigerians are watching to see if President Tinubu’s administration will take decisive action or if this will become another unresolved corruption scandal.

Will justice be served, or will those responsible escape accountability?

Stay tuned for updates.