The Socio-Economic Rights and Accountability Project, SERAP, has called on President Bola Tinubu to order an investigation into over N94.4 billion in public funds allegedly diverted, unremitted, or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission. In a letter dated October 3, 2026, SERAP's Deputy Director, Kolawole Oluwadare, urged the President to ensure the recovery and remittance of the affected funds to the Treasury and the prosecution of anyone found culpable.
According to SERAP, the allegations appear in the Auditor-General of the Federation's 2024 (Volume 2) Annual Report, published on August 7, 2026. The report covers periods from January to December 2023 and ended on December 31, 2024. The organisation said the findings raise questions about the management of petroleum revenues and gas-flaring penalties, involving billions of naira in public funds.
SERAP specifically mentioned 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. Additionally, the MDGIF failed to remit and report N12.480 billion in gas-flaring penalties for 2023.
The organisation also alleged that the MDGIF engaged and paid a consultant N3.518 billion to recover gas-flaring penalties without the President's approval. The Auditor-General found no evidence of due process or due diligence in the engagement and expressed concern that the money may have been diverted. Furthermore, NUPRC reportedly failed to remit N38.610 billion in gas-flaring penalties collected and due to the MDGIF.
SERAP further revealed that the MDGIF failed to collect and account for N12.940 billion in revenue from 2024 sales of natural gas. The Auditor-General expressed concern that the money may have been diverted and recommended its recovery and remittance to the Treasury. The organisation also noted that the MDGIF reportedly spent N261.852 million to engage Transaction Advisors, but the Auditor-General found no evidence of work done.
The organisation urged President Tinubu to direct the appropriate anti-corruption agencies to promptly investigate the alleged diversion of funds and ensure the prosecution of anyone responsible. SERAP 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.
SERAP gave the government seven days to act on its demands, threatening legal action if the requests were not addressed. The organisation emphasised that there is a legitimate public interest in ensuring justice and accountability for these grave findings, and the President's position as Minister of Petroleum Resources places a particular responsibility on him to ensure accountability in the sector.
Key points
- - SERAP urges President Tinubu to investigate N94.4bn in public funds allegedly diverted, unremitted, or irregularly spent by MDGIF and NUPRC. - The organisation requests the recovery and remittance of the affected funds to the Treasury and the prosecution of anyone found culpable. - SERAP gave the government seven days to act on its demands, threatening legal action if the requests were not addressed.
