Group Cites Auditor-General’s Report, Seeks Recovery and Prosecution Over Alleged Financial Irregularities
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct anti-corruption agencies to investigate alleged financial irregularities involving the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Regulatory Commission (NUPRC).
In a statement on Sunday signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations were contained in the Auditor-General of the Federation’s 2024 Annual Report, Volume 2, published on August 7, 2026.
The organisation urged the government to investigate the findings, recover any affected funds and prosecute anyone found responsible where sufficient admissible evidence exists.
SERAP said the MDGIF allegedly failed to remit ₦26.549 billion in revenue from petroleum product sales between January 2022 and December 2024. It said the Auditor-General recommended recovery and remittance of the funds to the Treasury.
The group also cited alleged unremitted gas-flaring penalties of ₦12.480 billion for 2023 by the MDGIF and ₦38.610 billion collected and due to the fund from NUPRC.
According to SERAP, the Auditor-General warned that failure to remit the penalties could limit funds available for environmental remediation and increase the risk of unrest in affected communities.
SERAP further cited an alleged failure by the MDGIF to collect and account for ₦12.940 billion in natural-gas sales revenue in 2024.
The organisation also raised concerns over ₦3.518 billion reportedly paid to a consultant to recover gas-flaring penalties, saying the Auditor-General found no evidence of presidential approval, due process or due diligence.
It additionally cited ₦261.852 million reportedly spent on transaction advisers without evidence that the work was executed, as well as another ₦65.8 million allegedly spent on transaction advisers in August 2024 without due process.
SERAP gave the government seven days to act on its requests, warning that it would consider legal and other lawful measures if there was no response.