The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to establish a presidential panel of inquiry to investigate the alleged disappearance of $15 billion in oil revenues and the N200 billion allocated for refinery repairs between 2020 and 2021, as reported by the Nigeria Extractive Industries Transparency Initiative (NEITI).
SERAP has also urged the President to publicly identify and hold accountable anyone suspected of being responsible for the missing funds, ensuring the full recovery of any ill-gotten gains, and implementing all the recommendations made by NEITI in its 2021 report.
In a statement by its Deputy Director, Mr. Kolawole Oluwadare, SERAP emphasized the importance of justice and accountability in addressing these serious allegations, asserting that these measures would help put an end to impunity for those involved.
The statement reads: “As President and Minister of Petroleum Resources, your office ought to be concerned about these damning revelations, by getting to the bottom of the allegations and ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered.”
Failure to investigate these allegations and bring those responsible to justice would have severe consequences for resource allocation, worsen the country’s debt burden, undermine citizens’ trust in the government’s ability to combat corruption, and deter foreign investment.
SERAP has requested that these recommended actions be taken within seven days. If there is no response within that time frame, the organization intends to pursue legal action to compel the government to comply with its request in the public interest.
The allegations outlined in NEITI’s report suggest a serious breach of public trust, violations of the Nigerian Constitution, national anti-corruption laws, and the country’s obligations under the UN Convention against corruption. These allegations have far-reaching implications for Nigeria’s economic development, poverty reduction efforts, and opportunities for its citizens.
The government is reminded of its constitutional duty to ensure transparency and accountability in the management of the country’s wealth and resources. NEITI’s report reveals significant discrepancies and discrepancies in the handling of public funds by government agencies, including the NNPC and NPDC, and calls for a thorough investigation and the recovery of missing funds.
The report also highlights unauthorized spending by State Owned Enterprises (SOEs) on behalf of the Federal Government, potential missing funds associated with these expenditures, and unexplained loans and subsidies. Additionally, it points out irregularities in pipeline transportation revenue and spending on refinery rehabilitation without corresponding operational improvements. NEITI has called for investigations into these matters to determine if funds are missing or have been misappropriated.
