SERAP demands probe into alleged N94.4 billion mismanaged public funds

The Socio-Economic Rights and Accountability Project (SERAP) has urged an investigation into the alleged diversion, non-remittance, lack of accountability and spending of over N94.4 billion in public funds by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The allegations are contained in the 2024 (Volume 2) Annual Report of the Auditor-General of the Federation, published on August 7, 2026, covering various periods between January 2023 and December 2024.

In a letter dated October 3, 2026 and signed by SERAP deputy director, Kolawole Oluwadare, the organisation urged anti-corruption agencies to investigate the allegations, prosecute anyone found culpable where sufficient admissible evidence exists and recover all affected public funds.

SERAP said, “Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation.”

The auditor-general said the MDGIF allegedly failed to remit N26.549 billion from petroleum-product sales, while N12.480 billion in gas-flaring penalties was reportedly not remitted and reported. NUPRC allegedly failed to remit another ₦38.610 billion in gas-flaring penalties collected and due to the MDGIF.
The report also cited N12.940 billion in natural-gas sales revenue that the MDGIF allegedly failed to collect and account for, while N3.518 billion was reportedly paid to a consultant to recover gas-flaring penalties without evidence of due process or due diligence.

SERAP further cited N261.852 million spent on Transaction Advisors without evidence of work executed and another N65.8 million engagement allegedly undertaken without due process. The organisation gave the authorities seven days to act, warning that it may pursue legal and other lawful measures if its demands are not addressed