The Socio-Economic Rights and Accountability Project has given President Bola Tinubu a seven-day ultimatum to address alleged corruption in the oil sector....Read Full Article >>➤
The group is urging him to direct the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the disappearance of over N26 billion. In 2021, the funds were reportedly missing, diverted, or stolen from the Petroleum Technology Development Fund and the Federal Ministry of Petroleum Resources.
In a statement dated February 1, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation warned that if the government fails to act within the stipulated timeframe, it will take legal action to compel compliance in the public interest.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest,” the letter read.
The revelations, detailed in the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024, highlight alleged financial mismanagement and corruption within the oil sector, with funds reportedly unaccounted for, mismanaged, or spent without due process.
“The allegations suggest a grave violation of public trust, the Nigerian Constitution 1999 (as amended), the country’s anti-corruption legislation, and international anti-corruption obligations,” SERAP stated.
The organisation called for the immediate prosecution of those responsible and the full recovery and remittance of any missing public funds to the national treasury.
It also urged the government to allocate recovered funds toward addressing Nigeria’s budget deficit and easing the country’s debt crisis.
The Auditor-General’s report outlined several questionable expenditures by the PTDF and the Petroleum Ministry, including:
Over N25 billion was paid for contracts without supporting documents.
N326 million deposited in two banks unaccounted for.
N107 million for the supply, installation, and commissioning of a library automation system awarded without National Information Technology Development Agency approval.
N46 million was paid to three companies for services without evidence of execution.
N60 million in stamp duty fees from capital expenditure contracts unremitted.
N64 million for store items reportedly not supplied.
N41 million was paid for services not yet performed or goods not yet supplied.
N137 million was used for recurrent expenditures without National Assembly approval.
N232 million was paid to seven companies for “stakeholders’ engagement in the Niger Delta” without details on the nature of the engagement, location, or justification.
“The Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury,” the report repeatedly stated.
SERAP emphasised that tackling corruption in the oil sector would significantly help address Nigeria’s financial challenges.
“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 organisation 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. ...Read Full Article >>➤
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