Title: Allegations Surrounding Missing Oil Revenue and Refinery Funds Prompt Urgent Call for Investigation, Says SERAP
The Socio-Economic Rights and Accountability Project (SERAP) has called upon President Bola Tinubu to initiate an immediate probe into disturbing allegations of missing funds. The organization urges the President to establish a presidential panel of enquiry to investigate the disappearance of over $15 billion in oil revenues and N200 billion allocated for refinery repairs between 2020 and 2021. These serious allegations have been documented by the Nigeria Extractive Industries Transparency Initiative (NEITI).
In a letter dated 23 September 2023, SERAP specifically requested the naming and shaming of any individuals suspected of being responsible for the missing public funds. The organization also emphasized the need for the prosecution of these individuals and the full recovery of the proceeds of their illicit activities. Additionally, SERAP urged President Tinubu to fully implement all the recommendations made by NEITI in its 2021 report.
Highlighting the gravity of the situation, Kolawole Oluwadare, Deputy Director of SERAP, stated that ensuring justice and accountability was of vital public interest. Taking decisive action would put an end to the prevailing culture of impunity among perpetrators. Given President Tinubu’s role both as the President and Minister of Petroleum Resources, SERAP stressed that it is imperative for his office to address these distressing revelations. Promptly investigating the allegations, bringing perpetrators to justice, and recovering missing public funds are crucial steps towards resolving this matter.
SERAP further underlined that the failure to investigate these grave allegations, prosecute suspects, and recover missing public funds would have severe consequences. It could disrupt resource allocation and exacerbate the country’s debt burden. NEITI’s findings strongly suggest a violation of public trust, the provisions of the Nigerian Constitution 1999 (as amended), national anti-corruption laws, and Nigeria’s obligations under the UN Convention against Corruption.
The allegations of corruption uncovered by NEITI not only undermine the country’s economic development but also consign the majority of Nigerians to poverty and deprive them of opportunities. SERAP emphasized that the government has a constitutional duty to ensure transparency and accountability in the utilization of the nation’s resources.
Per the 2021 NEITI report, government agencies, including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC), failed to remit $13.591 million and $8.251 billion, respectively, to the public treasury. NEITI has called for investigations into both the NNPC and NPDC and the recovery of the missing funds, as over 70% of the total funds were not remitted. The report also highlighted that approximately N200 billion was spent on refinery rehabilitation between 2020 and 2021, yet none of the refineries were operational in 2021. NEITI has called for an investigation into this expenditure, as it suggests that the money may be missing.
In light of these distressing revelations, SERAP’s call for a thorough investigation and subsequent action by President Bola Tinubu aims to restore justice and accountability. By bringing those responsible to justice and recovering the missing public funds, the government can rectify the grave violations of public trust and contribute to the economic betterment of Nigeria.
