The Socio-Economic Rights and Accountability Project (SERAP) is urging President Bola Tinubu to take immediate action to investigate and address serious allegations of corruption in Nigeria’s oil sector.
SERAP’s letter, dated September 23, 2023, cites a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), which found that over US$15 billion in oil revenues and N200 billion budgeted to repair refineries are missing and unaccounted for between 2020 and 2021.
SERAP is calling on President Tinubu to set up a presidential panel of enquiry to promptly investigate these allegations and to bring any perpetrators to justice. SERAP is also urging the President to fully implement all of the recommendations made by NEITI in its 2021 report.
In its letter, SERAP argues that the allegations of corruption in the oil sector are a grave violation of public trust and a violation of the Nigerian Constitution, national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption.
SERAP also argues that the allegations of corruption undermine economic development of the country, trap the majority of Nigerians in poverty, and deprive them of opportunities.
SERAP specifically calls on President Tinubu to:
- Set up a presidential panel of enquiry to promptly investigate the allegations of missing oil revenues and refinery rehabilitation funds.
- Name and shame anyone suspected to be responsible for the missing and unaccounted public funds and ensure their effective prosecution.
- Fully recover any proceeds of crime.
- Fully implement all of the recommendations made by NEITI in its 2021 report.
SERAP’s letter is a powerful call for action against corruption in Nigeria’s oil sector. The allegations of corruption are serious and have the potential to devastate the country’s economy and development. President Tinubu must take immediate action to investigate these allegations and to bring any perpetrators to justice.