The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct an investigation into more than ₦94.4 billion in public funds allegedly diverted, unremitted, unaccounted for or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
SERAP said the allegations are contained in the 2024 Volume 2 Annual Report of the Auditor-General of the Federation, published on August 7, 2026. The organisation called for the recovery and remittance of any funds found to have been improperly withheld, diverted or spent.
According to SERAP, the Auditor-General’s findings include ₦26.55 billion in revenue from petroleum product sales that MDGIF allegedly failed to remit between January 2022 and December 2024, as well as ₦12.48 billion in gas-flaring penalties for 2023 that was reportedly not remitted or properly accounted for.
The organisation also cited an alleged ₦3.52 billion payment to a consultant for the recovery of gas-flaring penalties without presidential approval, with the Auditor-General reportedly raising concerns over due process and possible diversion.
SERAP further urged the President to direct MDGIF to publish its audited financial statements for 2022, 2023 and 2024 and provide details of funds due, collected, remitted and recovered, including the relevant transactions and accounts.
The organisation gave the authorities seven days to act, warning that it may pursue legal action and other lawful measures if its demands are not addressed.
