SERAP Asks Tinubu To Probe Missing $15bn Oil Revenues And N200bn Refineries Repair Funds

A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has called on President Bola Tinubu to investigate the alleged disappearance of over US$15 billion of oil revenues and N200 billion budgeted to repair the refineries in Nigeria.

The organisation made the call in a letter to the President, who is also the Minister of Petroleum Resources, following a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) that exposed the alleged mismanagement and embezzlement of public funds in the oil sector between 2020 and 2021.

SERAP urged Tinubu to name and prosecute those responsible for the missing funds and ensure the full recovery of the proceeds of crime. They also urged him to implement all the recommendations by NEITI in its 2021 report.

The letter, dated 23 September 2023 and signed by SERAP deputy director, Kolawole Oluwadare, stated that, “As President and Minister of Petroleum Resources, your office ought to be concerned about these damning revelations, by getting to the bottom of the allegations and ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered.

“Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing public funds would have serious resource allocation and exacerbate the country’s debt burden.

“The findings by NEITI suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption.

“The allegations of corruption documented by NEITI undermine the economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”

According to the 2021 report by NEITI, 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 to the public treasury.

The NNPC and NPDC failed to remit over 70% of these public funds. NEITI wants both the NNPC and NPDC to be investigated, and for the missing public funds to be fully recovered.

The report also revealed that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but none of the refineries was operational in 2021 despite the spending. NEITI wants the spending to be investigated, as the money may be missing.

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