SERAP calls on Tinubu to Probe Alleged N26bn Misappropriation in Petroleum Ministry, PTDF

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BY BONNY AMADI

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate allegations of missing public funds.

Specifically, SERAP wants the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, and relevant anti-corruption agencies to probe claims that over N26 billion in public funds went missing from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

SERAP noted that the damning revelations are documented in the 2021 audited report published on Wednesday, November 13, 2024 by the Office of the Auditor-General of the Federation.

A statement issued on Sunday and signed by Kolawole Oluwadare, SERAP Deputy Director, said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury.”

SERAP urged the Presi- dent to “use any recovered stolen funds to fund the deficit in the 2025 budget and to ease Nigeria’s crippling debt crisis.”

In the letter dated February 1, 2025 and signed by Oluwadare, the organisation said: “There is a legitimate public interest in ensuring justice and accountability for these grave allegations. Tackling corruption in the oil sector would go a long way in addressing the budget deficit and debt problems.”

It noted that according to the 2021 annual audited report by the Auditor-General of the Federation, “the Petroleum Technology Development Fund (PTDF) in 2021 reportedly paid over N25 billion [N25, 607,890,403.11] for ‘contracts without any supporting documents.’

“The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.

“The PTDF also reportedly failed to account for over N326 million [N326, 065,638.00] deposited in two banks. The Audi- tor-General fears the money may be missing and wants it recovered and remitted to the treasury.”

“The PTDF reportedly failed to account for over N107 million [N107, 691,733.93] being money for ‘the supply, installation, and commissioning of Library automation system and RFID at the Petroleum Training Institute (PTI).’

“The contract for the library was awarded without the prior approval from the National Information Technology Development Agency (NITDA). The Auditor General fears ‘the money may have been diverted.’ He wants the money recovered and remit- ted to the treasury.

“The PTDF reportedly paid over N46 million [N46, 974,216.43] to ‘three companies for services without evidence of execution.’ ‘One of the contractors was engaged on 13th April 2021 but was paid for services rendered in March 2021. All the three contractors were paid for periods they had not rendered the services to the PTDF.’”