{"id":116212,"date":"2025-02-03T20:07:50","date_gmt":"2025-02-03T19:07:50","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=116212"},"modified":"2025-02-03T20:07:50","modified_gmt":"2025-02-03T19:07:50","slug":"serap-demands-tinubu-probe-n26bn-oil-sector-scandal","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/serap-demands-tinubu-probe-n26bn-oil-sector-scandal\/","title":{"rendered":"SERAP demands Tinubu probe N26bn oil sector scandal"},"content":{"rendered":"<div id=\"m#msg-f:1822967819509214328\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The Socio-Economic Rights and Accountability Project has given President Bola Tinubu a seven-day ultimatum to address alleged corruption in the oil sector.<\/div>\n<div id=\"m#msg-f:1822967819509214328-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\nThe group is urging him to direct the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the disappearance of over N26 billion.<\/p>\n<p>In 2021, the funds were reportedly missing, diverted, or stolen from the Petroleum Technology Development Fund and the Federal Ministry of Petroleum Resources.<\/p>\n<p>In a statement dated February 1, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation warned that if the government fails to act within the stipulated timeframe, it will take legal action to compel compliance in the public interest.<\/p>\n<p>\u201cWe 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,\u201d the letter read.<\/p>\n<p>The revelations, detailed in the 2021 annual audited report released by the Office of the Auditor-General of the Federation on November 13, 2024, highlight alleged financial mismanagement and corruption within the oil sector, with funds reportedly unaccounted for, mismanaged, or spent without due process.<\/p>\n<p>\u201cThe allegations suggest a grave violation of public trust, the Nigerian Constitution 1999 (as amended), the country\u2019s anti-corruption legislation, and international anti-corruption obligations,\u201d SERAP stated.<\/p>\n<p>The organisation called for the immediate prosecution of those responsible and the full recovery and remittance of any missing public funds to the national treasury.<\/p>\n<p>It also urged the government to allocate recovered funds toward addressing Nigeria\u2019s budget deficit and easing the country\u2019s debt crisis.<\/p>\n<p>The Auditor-General\u2019s report outlined several questionable expenditures by the PTDF and the Petroleum Ministry, including:<\/p>\n<p>Over N25 billion was paid for contracts without supporting documents.<br \/>\nN326 million deposited in two banks unaccounted for.<br \/>\nN107 million for the supply, installation, and commissioning of a library automation system awarded without National Information Technology Development Agency approval.<br \/>\nN46 million was paid to three companies for services without evidence of execution.<br \/>\nN60 million in stamp duty fees from capital expenditure contracts unremitted.<br \/>\nN64 million for store items reportedly not supplied.<br \/>\nN41 million was paid for services not yet performed or goods not yet supplied.<br \/>\nN137 million was used for recurrent expenditures without National Assembly approval.<br \/>\nN232 million was paid to seven companies for \u201cstakeholders\u2019 engagement in the Niger Delta\u201d without details on the nature of the engagement, location, or justification.<br \/>\n\u201cThe Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury,\u201d the report repeatedly stated.<\/p>\n<p>Calls for Accountability<br \/>\nSERAP emphasised that tackling corruption in the oil sector would significantly help address Nigeria\u2019s financial challenges.<\/p>\n<p>\u201cDespite the country\u2019s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money, primarily due to widespread grand corruption and the entrenched culture of impunity among perpetrators,\u201d SERAP\u2019s letter stated.<\/p>\n<p>The organisation cited Nigeria\u2019s constitutional obligations and international commitments, such as the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, as key legal frameworks requiring the government to act swiftly.<\/p>\n<p>\u201cUnder Section 16(1) of the Constitution, your government has a responsibility to \u2018secure the maximum welfare, freedom, and happiness of every citizen based on social justice and equality of status and opportunity,\u2019\u201d the letter added.<\/p>\n<p>SERAP reiterated its demand for immediate and effective measures to investigate the allegations, prosecute those found culpable, and recover stolen funds.<\/p>\n<p>\u201cThe country\u2019s wealth ought to be used solely for the benefit of the Nigerian people and the sake of present and future generations,\u201d it stated.<\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Socio-Economic Rights and Accountability Project has given President Bola Tinubu a seven-day ultimatum to address alleged corruption in the oil sector. The group is urging him to direct the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":115961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-116212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SERAP demands Tinubu probe N26bn oil sector scandal - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/serap-demands-tinubu-probe-n26bn-oil-sector-scandal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SERAP demands Tinubu probe N26bn oil sector scandal - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Socio-Economic Rights and Accountability Project has given President Bola Tinubu a seven-day ultimatum to address alleged corruption in the oil sector. 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