The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for over N94.4 billion in public funds reportedly diverted, unremitted, or irregularly spent. This follows grave allegations documented in the 2024 (Volume 2) Annual Report published by the Auditor-General of the Federation on August 7, 2026.
According to the Auditor-General's report, the findings covered periods between January and December 2023 and ending on December 31, 2024. The report revealed that the MDGIF failed to remit N26.549 billion in revenue from the sale of petroleum products between January 1, 2022, and December 31, 2024. The Auditor-General expressed concern that the money may have been diverted and recommended its recovery and remittance to the Treasury.
SERAP has urged President Tinubu to direct the appropriate anti-corruption agencies to investigate the diverted funds and ensure the prosecution of anyone responsible. The organization also requested that the MDGIF submit and publish its audited financial statements for 2022, 2023, and 2024, and forward them to the Public Accounts Committees of the National Assembly. This, SERAP argues, will promote transparency and accountability in the management of Nigeria's petroleum revenues.
The Auditor-General's report also revealed that the MDGIF failed to remit and report N12.480 billion in gas-flaring penalties for 2023. Furthermore, the NUPRC reportedly failed to remit N38.610 billion in gas-flaring penalties collected and due to the MDGIF. The Auditor-General raised concerns about the risks of shortages of funds for environmental remediation and potential civil crises arising from non-remediation of environmental hazards.
In addition to the unremitted funds, the MDGIF engaged a consultant for N3.518 billion to recover gas-flaring penalties without presidential approval. The Auditor-General expressed concern that the money may have been diverted and found no evidence of due process or due diligence in the engagement. The MDGIF also spent N261.852 million to engage Transaction Advisors, but the Auditor-General found no evidence of job execution.
SERAP's deputy director, Kolawole Oluwadare, signed a letter to President Tinubu on October 3, 2026, stating that anyone found responsible for the diverted funds should be sanctioned and prosecuted. The organization emphasized that every naira identified in the Auditor-General's report must be properly accounted for, and any diverted funds must be recovered and remitted to the Treasury.
The MDGIF and NUPRC are expected to publish a clear schedule showing the amounts due, collected, remitted, and recovered, as well as the dates of transactions and institutions responsible. SERAP has given the President seven days to take action, failing which the organization may consider taking legal actions to compel the government and relevant authorities to comply with their requests.
Key points
- - The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to investigate N94.4 billion in diverted, unremitted oil funds. - The funds were reportedly diverted, unremitted, or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). - SERAP has requested that the MDGIF publish its audited financial statements for 2022, 2023, and 2024.
