SERAP Calls for Investigation into ₦94.4bn Oil Fund Mismanagement
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to initiate an investigation into the alleged diversion and mismanagement of over ₦94.4 billion in public funds within the petroleum sector. This demand was made in a letter dated October 3, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare, following the findings of the 2024 Volume II Annual Report from the Auditor-General of the Federation, published on August 7, 2026.
The report indicated that the Midstream and Downstream Gas Infrastructure Fund (MDGIF) failed to remit ₦26.549 billion from petroleum product sales between January 1, 2022, and December 31, 2024. Additionally, ₦12.480 billion in gas-flaring penalties for 2023 was also unreported.
SERAP urged the President to direct anti-corruption agencies to recover the funds and prosecute those responsible. The report raised concerns about the MDGIF's payments to consultants and transaction advisers without due process, suggesting potential diversion of funds.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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