SERAP Calls for Investigation into ₦94.4bn Oil Fund Mismanagement
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to initiate an investigation into over ₦94.4 billion in petroleum-sector funds that are allegedly unremitted, diverted, or mismanaged. This request was made in a letter dated October 3, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare.
The demand follows findings from the 2024 Volume 2 Annual Report of the Auditor-General for the Federation, published on August 7, 2026, which raised concerns about the management of petroleum revenues, natural gas sales proceeds, and gas-flaring penalties by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). SERAP reported that the MDGIF failed to remit ₦26.549 billion from petroleum product sales and ₦12.480 billion in gas-flaring penalties for 2023.
Additionally, the NUPRC allegedly did not remit ₦38.610 billion in gas-flaring penalties. SERAP urged the recovery of all improperly withheld funds and called for relevant anti-corruption agencies to investigate and prosecute any wrongdoing.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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