Probe $15bn, N200bn missing oil revenues – SERAP to Tinubu

By Marvellous Gbadegesin On Sep 24, 2023

SERAP, Bola Tinubu, missing oil revenues, NEITI, — SERAP and Bola Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to probe the $15bn and N200bn missing oil revenues.

In a statement on Sunday, the group’s deputy director, Kolawole Oluwadare, wants Tinubu to “set up a presidential panel of inquiry to promptly probe the grim allegations that over $15 billion oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI).”

Oluwadare urged the President to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as the full recovery of any proceeds of crime.

“There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators,” the statement read.

“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.

“Any failure to investigate these grave allegations, bring suspected perpetrators to justice, and recover any missing public funds would have serious resource allocation and exacerbate the country’s debt burden.

“It would also create cynicism, suspicion, and eventually citizens’ distrust about the ability of your government to combat high-level official corruption, as well as deter foreign investment and limit growth and development.

“We would therefore be grateful if the recommended measures are taken within seven days of this letter’s receipt and/or publication. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.

“The findings by NEITI suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”