Probe alleged disappearance of ₦26b from PTDF, SERAP tells Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to investigate the alleged disappearance of ₦26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.

In a letter dated February 1, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged Tinubu to direct the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to act within seven days. It warned that failure to do so would lead to legal action.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest,” the letter stated.

The allegations were contained in the 2021 annual audited report by the Office of the Auditor-General of the Federation, released on November 13, 2024.

The report detailed various financial transactions involving the PTDF and the Petroleum Ministry, stating that some funds were unaccounted for or spent without proper documentation.

The report listed questionable expenditures, including ₦25 billion paid for contracts without supporting documents, ₦326 million deposited in two banks but not accounted for, and ₦107 million spent on a library automation system without approval. It also mentioned ₦232 million paid to companies for “stakeholders’ engagement in the Niger Delta” without details on the nature of the engagement.

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“The Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury,” the report stated.

SERAP also called for the prosecution of those responsible and demanded that any recovered funds be used to address Nigeria’s financial challenges.

The organisation referenced Nigeria’s anti-corruption laws and international agreements, stating that the government has a legal obligation to act.

“The country’s wealth ought to be used solely for the benefit of the Nigerian people and the sake of present and future generations,” it said.