The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to establish a presidential inquiry panel to investigate allegations of over US$15 billion in missing oil revenues and N200 billion allocated for refinery repairs between 2020 and 2021. These allegations were documented by the Nigeria Extractive Industries Transparency Initiative (NEITI)….CONTINUE READING....KINDLY READ THE FULL STORY HEREâ–¶
SERAP is calling on President Tinubu to publicly identify and hold accountable anyone suspected of being involved in the disappearance of public funds and to ensure their thorough prosecution, as well as the full recovery of any proceeds obtained through illicit means.
Additionally, SERAP is urging President Tinubu to fully implement all recommendations presented by NEITI in its 2021 report and utilize any recovered proceeds for the benefit of the Nigerian people.
In a letter dated September 23, 2023, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization emphasized the significance of ensuring justice and accountability in response to these grave allegations. It stressed that addressing these issues is essential to ending impunity and reestablishing public trust.
The letter reads in part: “Your office, as President and Minister of Petroleum Resources, carries a responsibility to address these disturbing revelations by thoroughly investigating the allegations, bringing suspected wrongdoers to justice, and recovering any misappropriated public funds.”
SERAP warns that failing to investigate these allegations, bring perpetrators to justice, and recover missing public funds could have severe consequences, including exacerbating the country’s debt burden, eroding trust in the government’s ability to combat corruption, and deterring foreign investment.
SERAP has given a seven-day ultimatum for a response to its recommendations, and if no action is taken, the organization has indicated its intent to pursue legal measures to compel compliance with its request in the public interest.
The findings by NEITI, as highlighted by SERAP, reveal a serious breach of public trust and legal obligations, undermining Nigeria’s economic development and perpetuating poverty among its citizens.
