SERAP Calls for Investigation into Alleged Misuse of N26 Billion from PTDF, Petroleum Ministry


The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate allegations that over N26 billion in public funds were misappropriated or stolen from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021. 

In a letter addressed to President Tinubu, SERAP urged the President to direct the Attorney General of the Federation (AGF), Mr Lateef Fagbemi (SAN), and relevant anti-corruption agencies to investigate the allegations thoroughly and take appropriate action against anyone found responsible.

These calls follow the release of the 2021 audit report by the Office of the Auditor-General of the Federation, published on November 13, 2024. 

The report highlights numerous questionable financial practices involving both the PTDF and the Ministry, raising concerns over a lack of proper documentation, misappropriation of funds, and other financial irregularities.

SERAP’s Deputy Director, Kolawole Oluwadare, emphasized that these allegations must be fully investigated and that those found guilty should be held accountable. 

The Auditor-General’s 2021 report uncovered several troubling discrepancies, including the PTDF paying over N25 billion for contracts with no supporting documentation, suggesting that the funds may have been diverted. 

The PTDF was also found to have failed to account for over N326 million deposited in two banks and N107 million allocated to a library automation project at the Petroleum Training Institute, which was reportedly spent without approval from the National Information Technology Development Agency (NITDA). 

The report also highlighted payments for services that were never rendered, funds that were not remitted as required, and various instances where expenditures were not properly accounted for.

One of the most concerning revelations in the report was that the PTDF paid over N46 million to three companies for services that lacked any evidence of execution. 

The contractors were reportedly paid for periods when no services had been rendered. 

Additionally, the PTDF failed to remit over N60 million in stamp duties and spent more than N64 million on store items that were never supplied.

The Federal Ministry of Petroleum Resources was similarly implicated in the report. The Ministry was found to have spent over N137 million without proper authorization and to have paid over N232 million for consultancy services related to the Niger Delta without sufficient documentation. 

The Auditor-General described these payments as potentially fictitious and without clear justification.

Further financial mismanagement was revealed, with the Ministry failing to remit over N25 million in taxes collected on contractor payments. 

The Ministry also spent over N43 million to replace broken ceilings without documentation and granted over N74 million in cash advances to officers without proper accounting.

In light of these findings, SERAP urged President Tinubu to not only ensure an immediate investigation, but also to use any recovered funds to address Nigeria’s growing budget deficit and national debt crisis. 

The organization emphasized that addressing corruption in the oil sector, which has long been a source of public frustration, would help alleviate the suffering of ordinary Nigerians and demonstrate the government’s commitment to transparency and accountability.

The letter, dated February 1, 2025, further stressed that the allegations violated Nigeria’s constitution and international anti-corruption commitments. 

SERAP cited various legal provisions, including the United Nations Convention Against Corruption, which obligates Nigeria to investigate and prosecute grand corruption effectively.

SERAP called on President Tinubu to act decisively and use any recovered funds to improve the nation's financial stability and benefit the Nigerian people. 

The organization concluded by emphasizing the government’s constitutional responsibility to ensure social justice, equality, and the welfare of all citizens.

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