Probe missing N26bn in PTDF, SERAP tells Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Attorney General of the Federation, Mr. Lateef Fagbemi (SAN) and relevant anti-corruption agencies to investigate the alleged misappropriation of over N26 billion in public funds from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

In a letter dated February 1, 2025, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation pointed to a series of financial discrepancies reported in the 2021 audited report by the Office of the Auditor-General of the Federation, published in November 2024.

These allegations include payments for unexecuted contracts, missing funds, and unaccounted expenditures totaling billions of naira.

SERAP highlighted several troubling issues, including over N25 billion paid for contracts lacking supporting documents and N326 million deposited in two banks with no accountability.

Other concerns raised were unapproved payments for services not rendered, failure to remit taxes, and the mismanagement of public funds intended for public projects, especially in the oil sector.

The organisation emphasised the public interest in ensuring justice and accountability, urging the government to recover the missing funds and use them to address Nigeria’s growing budget deficit and debt crisis.

According to SERAP, tackling corruption in the oil sector is crucial to alleviating the country’s financial challenges.

“Poor Nigerians continue to suffer the consequences of grand corruption in the oil sector,” SERAP stated.

“These allegations represent a grave violation of public trust, the Nigerian Constitution, and international anti-corruption commitments.”

SERAP has given the government a seven-day deadline to take action or face legal measures to ensure compliance with its requests for investigation and restitution.