The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to President Bola Tinubu, demanding action against alleged N26billion corruption in the oil sector.
The group is urging the president to direct the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the disappearance of funds which were reportedly mismanaged by the Petroleum Technology Development Fund and the Federal Ministry of Petroleum Resources in 2021.
In a statement dated February 1, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation warned that it would take legal action if the government fails to act within the stipulated timeframe.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest,” the letter read.
The allegations stem from the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024 which revealed evidences of mismanagement of funds within the oil sector.
SERAP insists that the alleged misappropriation of funds violates public trust, Nigeria’s Constitution, anti-corruption laws, and international agreements, and demand the prosecution of the responsible parties.
They also requested for the full recovery of any missing public funds which should be reinvested in addressing Nigeria’s budget deficit and debt crisis.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money, primarily due to widespread grand corruption and the entrenched culture of impunity among perpetrators,” SERAP stated.
“The country’s wealth ought to be used solely for the benefit of the Nigerian people and the sake of present and future generations,”.