The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu 7 days to act on alleged corruption in the oil sector.
The organisation wants the President to direct the Attorney General, Lateef Fagbemi (SAN) and relevant anti-corruption agencies to investigate the disappearance of over N26 billion from government institutions in charge of the petroleum sector.
According to SERAP, the funds were allegedly siphoned, mismanaged or outright stolen from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.
The financial irregularities were uncovered in the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024.
The report showed significant gaps in accountability with funds either unaccounted for or spent without due process.
In a statement dated February 1, 2025 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said if the government fails to act within the given timeframe, it will take legal action to enforce compliance. SERAP said prompt action is necessary to restore public trust and Nigeria’s credibility.
The organisation also said the revelations show a clear disregard for the Nigerian Constitution, anti-corruption laws and international treaties.
It said the mismanagement of oil sector funds is a breach of public trust and undermines Nigeria’s economy.
Demands
SERAP is demanding that those found guilty be prosecuted and the stolen money recovered.
The organization wants the government to use the recovered money to bridge Nigeria’s budget deficit and the country’s debt crisis.
The Auditor-General’s report showed several suspicious transactions in PTDF and the Ministry of Petroleum, and the report insisted that the money must be recovered and returned to the treasury.
SERAP also pointed out how systemic corruption in the oil sector has denied ordinary Nigerians the benefits of the country’s oil wealth.
Despite being one of the largest oil producers in Africa, Nigeria is still struggling with economic hardship mainly due to corruption and financial mismanagement.
Requirements
Citing Nigeria’s constitutional and international obligations, SERAP referenced the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption as the frameworks for government action.
The organization mentioned Section 16(1) of the Nigerian Constitution which requires the government to ensure the welfare and prosperity of all citizens through social justice and resource distribution.
SERAP restated that national wealth should be for Nigerians, both present and future generations.
It urged the Tinubu administration to act fast to investigate, prosecute and recover the stolen money.
The organization said failure to act will only deepen the culture of impunity in Nigeria’s oil sector and widen economic inequality.
Now that the deadline has been given, Nigerians wait to see the government’s response to these serious allegations.
Will the administration take a stand against corruption or will this be another unresolved case in the long list of financial scandals?
Source: The Punch.