Francis Iwuchukwu 
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to initiate a thorough investigation into the allegations that over N26 billion in public funds were either stolen or misused from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.
The organization is specifically asking the President Tinubu-led government to direct the Attorney General of the Federation (AGF), Mr Lateef Fagbemi (SAN), and relevant anti-corruption agencies to address these claims.
These concerns stem from a detailed report published by the Office of the Auditor-General of the Federation on November 13, 2024.
The audit highlights several questionable transactions involving both the PTDF and the Ministry, pointing to potential misappropriations and a lack of accountability for significant amounts of public funds.
According to SERAP’s deputy director, Kolawole Oluwadare, these alleged acts of corruption must be thoroughly investigated, and any individuals found responsible should face appropriate legal action.
The 2021 Auditor-General’s report revealed several troubling discrepancies, including the PTDF paying over N25 billion for contracts without any supporting documentation, raising fears that the funds may have been diverted.
Similarly, the PTDF was said to have failed to account for over N326 million deposited in two banks and over N107 million allocated to a library automation project at the Petroleum Training Institute was reportedly spent without approval from the National Information Technology Development Agency (NITDA). Other irregularities include payments for services not rendered, funds not remitted as required, and various instances of unaccounted-for expenditures.
One of the most striking revelations, according to the report, was the PTDF’s payment of over N46 million to three companies for services that lacked any evidence of execution.
These contractors, the AGF’s report stated, were even paid for periods when services had not been rendered.
In addition, there were reports of over N60 million in stamp duties that were not remitted, and over N64 million for store items that were never supplied.
The Federal Ministry of Petroleum Resources was also implicated in the report, with findings indicating that over N137 million was spent without proper authorization, and over N232 million was paid for consultancy services related to the Niger Delta without sufficient documentation.
These payments, the Auditor-General noted, appeared to be fictitious and lacked any clear justification.
Furthermore, the Ministry was said to have failed to remit taxes collected on contractor payments amounting to N25 million, and over N43 million was spent on the replacement of broken ceilings without proper documentation.
Over N74 million in cash advances was granted to officers without being properly accounted for, raising further concerns about financial mismanagement, according to the report.
In light of these findings, SERAP called on President Tinubu to not only ensure a prompt investigation into the missing funds but also to use any recovered amounts to help address Nigeria’s crippling budget deficit and growing debt crisis.
The organization urged the government to demonstrate its commitment to tackling corruption within the oil sector, which has long been a source of public frustration due to the stark contrast between Nigeria’s vast oil wealth and the continued suffering of ordinary citizens.
The SERAP letter, dated February 1, 2025, also emphasized that these allegations represent a violation of both Nigeria’s constitution and international anti-corruption obligations, urging swift action to hold those responsible accountable.
According to the group, the Nigerian government has a constitutional responsibility to ensure the maximum welfare, freedom, and happiness of all citizens, with a focus on securing social justice and equality.
The organization further cited international conventions, such as the United Nations Convention Against Corruption, which requires Nigeria to investigate and prosecute grand corruption effectively.
SERAP tasked President Tinubu to act decisively and use the resources recovered from any investigation to improve the nation’s financial standing and benefit the Nigerian people
