The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to investigate alleged financial irregularities involving more than N94.4 billion in petroleum-sector funds linked to the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission.
SERAP made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare. The organisation said the allegations were contained in the 2024 Volume 2 Annual Report of the Auditor-General of the Federation, published on August 7, 2026.
According to SERAP, the audit findings cover transactions involving petroleum revenues and gas-flaring penalties between 2022 and 2024.
The organisation said the Midstream and Downstream Gas Infrastructure Fund allegedly failed to remit N26.549 billion generated from the sale of petroleum products between January 2022 and December 2024.
SERAP also cited N12.480 billion in gas-flaring penalties for 2023 which it said was allegedly not remitted or properly reported.
The organisation further alleged that the Nigerian Upstream Petroleum Regulatory Commission failed to remit N38.610 billion in gas-flaring penalties collected for the Midstream and Downstream Gas Infrastructure Fund.
It said the Auditor-General had raised concerns that the failure to transfer such funds could undermine financing for environmental remediation and increase risks for communities affected by environmental hazards.
SERAP also alleged that the Midstream and Downstream Gas Infrastructure Fund failed to collect and account for N12.940 billion in natural gas sales revenue in 2024.
It questioned a separate N3.518 billion payment to a consultant for the recovery of gas-flaring penalties, saying the engagement was made without presidential approval and that the Auditor-General found no evidence of proper due process or due diligence.
Other transactions highlighted by SERAP included N261.852 million allegedly paid to Transaction Advisors without evidence that the contracted work was completed. It also cited another N65.8 million payment to Transaction Advisors in August 2024, which the Auditor-General reportedly said may have breached public procurement procedures.
SERAP wants Tinubu to direct relevant anti-corruption agencies to investigate the allegations and prosecute anyone found culpable where sufficient evidence is established.
It also called for the recovery and remittance to the Treasury of any public funds found to have been diverted, misapplied or improperly spent. The organisation wants the affected agencies to publish details of funds collected, remitted and recovered, including the dates of transactions and accounts involved.
The group further asked the Midstream and Downstream Gas Infrastructure Fund to publish its audited financial statements for 2022, 2023 and 2024 and submit them to the relevant committees of the National Assembly.
SERAP said the failure to publish audited accounts for three consecutive years had weakened legislative oversight and public scrutiny of the agency’s finances.
The organisation said the allegations required urgent attention because Tinubu also serves as Minister of Petroleum Resources and therefore has a direct oversight responsibility over the petroleum-sector institutions involved.
SERAP gave the government seven days from the receipt or publication of its letter to respond to its demands, warning that it could pursue legal action and other lawful measures if no action is taken.
