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SERAP Urges Tinubu to Probe Missing N26bn in Petroleum Fund, Warns of Legal Action

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 anti-corruption agencies to investigate allegations of over N26 billion in missing, diverted, or stolen public funds from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.

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

In a letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization emphasized the need for accountability, urging that anyone found culpable should face prosecution if sufficient evidence is available. It also called for the full recovery of any missing funds and their remittance to the national treasury.

SERAP further urged the president to channel any recovered funds toward addressing the budget deficit in 2025 and easing Nigeria’s mounting debt crisis. The group warned that failure to act within seven days of receiving the letter would prompt legal action to compel the government’s compliance.

Meanwhile, the Human and Environmental Development Agenda (HEDA Resource Centre) has condemned alleged bribery within the National Assembly and called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an immediate investigation.

An investigative report alleged that members of the Senate Committee on Tertiary Education and TETFund, along with the House Committee on University Education, demanded N480 million in bribes from vice-chancellors of federal universities in exchange for approving their 2025 budget allocations.

In a statement signed by HEDA’s Chairman, Olanrewaju Suraju, the civil society group described the allegations as deeply troubling, warning that they further entrench corruption in Nigeria’s education sector, already suffering from chronic underfunding and administrative inefficiencies.

Suraju condemned the alleged coercion of university administrators, stating: “The lawmakers allegedly involved must be identified, investigated, and, if found guilty, prosecuted to the full extent of the law. Corruption, particularly in the education sector, undermines national development, weakens institutions, and erodes public trust in governance.”

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