February 2, 2025 
The Socio-Economic Rights and Accountability Project, SERAP, has called on President Bola Tinubu to probe an alleged missing of about ₦26 billion from the Petroleum Technology Development Fund, PTDF, and the Federal Ministry of Petroleum Resources.
SERAP letter dated February 1, 2025, and signed by Deputy Director Kolawole Oluwadare, urged Tinubu to direct the Attorney General, Lateef Fagbemi SAN, and anti-corruption agencies to act within seven days or risk legal action.
The letter stated “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 missing money allegations were contained in the 2021 annual audited report released on November 13, 2024 by the Office of the Auditor-General of the Federation.
The report detailed various financial transactions involving the PTDF and the Petroleum Ministry, stating that some funds were either spent without proper documentation or were unaccounted for.
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The report included questionable expenditures of ₦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. Also of note was the ₦232 million paid to companies for “stakeholders’ engagement in the Niger Delta” without details.
“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 wanted prosecution of those responsible funds disappearance and demanded that any recovered funds be deployed to address Nigeria’s financial challenges.
According to SERAP, Nigeria’s anti-corruption laws and international agreements, gave government legal obligation to probe the allegations.
