SERAP flags NUPRC, MDGIF over ‘missing’ ₦94.4 billion 

SERAP flags NUPRC, MDGIF over ‘missing’ ₦94.4 billion 

The Socio-Economic Right and Accountability Project (SERAP), had urged President Bola Tinubu to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to urgently account for over ₦94.4 billion in public funds reportedly diverted, unremitted, unaccounted for or irregularly spent.

In a statement on Sunday, SERAP said the
grave allegations are documented in volume 2 of the 2024 Annual Report published by the Auditor-General of the Federation on 7 August 2026.

“According to the Auditor-General, the findings in the report variously covered periods between January and December 2023 and ending on 31 December 2024.”

SERAP urged the President to direct the appropriate anti-corruption agencies to promptly investigate the reported diversion of the over ₦94.4 billion in public funds.

It also urged the President to ensure the prosecution of anyone responsible where sufficient admissible evidence is established, as well as the recovery and remittance of all the affected public funds.

“We also urged him to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and ensure that they are promptly forwarded to the Public Accounts Committees of the National Assembly, as recommended by the Auditor-General.

“Anyone found responsible should be appropriately sanctioned and prosecuted where sufficient admissible evidence is established, irrespective of status, position or institutional affiliation.

“Every naira identified in the Auditor-General’s report must be properly accounted for, and any oil funds found to have been diverted, misapplied, improperly spent or otherwise unaccounted for must be fully recovered and remitted to the Treasury.”