President Bola Tinubu has been urged to institute a probe into a series of financial irregularities involving more than N94.4bn in petroleum-sector revenues and expenditures linked to the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission.
The call was made by the Socio-Economic Rights and Accountability Project (SERAP) in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, and addressed to the president.
SERAP said the concerns were raised in the Auditor-General of the Federation’s 2024 Volume II Annual Report, published on August 7, 2026, covering transactions and financial activities up to December 31, 2024.
The organisation wants Tinubu to direct appropriate anti-corruption agencies to investigate the findings, recover funds found to have been improperly handled and prosecute those against whom sufficient admissible evidence is established.
A major part of the concerns relates to revenues that were allegedly not remitted to the appropriate government accounts.
SERAP said the MDGIF failed to remit N26.549bn generated from the sale of petroleum products between January 1, 2022 and December 31, 2024.
The Auditor-General reportedly expressed concern that the amount might have been diverted and recommended its recovery and remittance to the Treasury.
The organisation also identified N12.480bn in gas-flaring penalties for 2023 which it said the MDGIF failed to remit and report.
Another N38.610bn in gas-flaring penalties collected by NUPRC and due to the MDGIF was reportedly not remitted, according to SERAP’s account of the audit findings.
The group said the Auditor-General warned that failure to remit the penalties could result in shortages of funds for environmental remediation and create risks associated with the continued non-remediation of environmental hazards.
SERAP further raised questions about the handling of consultancy payments by the MDGIF.
According to the organisation, N3.518bn was paid to a consultant for the recovery of gas-flaring penalties without presidential approval. It said the Auditor-General found no evidence of due process or due diligence in the engagement and expressed concern that the money might have been diverted.
The MDGIF was also accused of failing to collect and account for N12.940bn from natural gas sales in 2024. The Auditor-General reportedly recommended that the money be recovered and paid into the Treasury.
In addition to the revenue-related findings, SERAP pointed to expenditures for which the audit report allegedly found insufficient evidence of work performed or proper procurement procedures.
The organisation said N261.852m was spent by the MDGIF to engage Transaction Advisors, but the Auditor-General found no evidence that the advisers executed any work.
It also said another N65.8m was spent on Transaction Advisors in August 2024 without due process. The Auditor-General reportedly said the transaction might have violated public procurement procedures and recommended that the MDGIF Executive Director account for the expenditure.
SERAP said the cumulative findings pointed to deficiencies in the systems used to safeguard petroleum-sector revenues and public expenditure.
It therefore asked the president to order the publication of a detailed schedule showing funds due, amounts collected, remittances and recoveries, as well as transaction dates, responsible officials or institutions and the accounts into which the money was paid.
The organisation also demanded that the MDGIF publish its audited financial statements for 2022, 2023 and 2024 and forward them to the National Assembly’s Public Accounts Committees, in line with the Auditor-General’s recommendation.
SERAP said transparency was particularly necessary because some of the disputed funds were gas-flaring penalties intended for environmental remediation.
It argued that failure to properly account for petroleum-product revenues, natural-gas sales proceeds and gas-flaring penalties could undermine public confidence in the management of the country’s petroleum resources.
The organisation further criticised payments allegedly made without evidence of work, inadequate documentation and consultancy arrangements it said lacked required approvals or due process.
SERAP said Tinubu’s dual position as president and Minister of Petroleum Resources made effective oversight of the affected institutions particularly important.
It consequently gave the government seven days from the receipt or publication of its letter to act on the demands.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions and other lawful measures to compel your government, the MDGIF, NUPRC and other relevant authorities to comply with our requests in the public interest,” the organisation stated.
SERAP also cited provisions of the 1999 Constitution and Nigeria’s obligations under the United Nations Convention Against Corruption and the African Union Convention on Preventing and Combating Corruption as legal grounds for its demands.
The group said the relevant provisions require transparency in public financial management, accountability in the use of public resources and effective measures to investigate and sanction corruption.
