President Tinubu Asked To Probe Missing $15Bn, N200bn of Oil Revenues

President Tinubu Asked To Probe Missing $15Bn, N200bn of Oil Revenues

  • President Bola Tinubu's led federal government has been urged to carry out extensive findings regarding the missing $15bn, N200bn of oil revenues
  • SERAP, made this request to the president while noting that the money was meant to fix the nation's bad refineries
  • The group urged the president to disclose the details and reveal the identity of those suspected to be responsible for the missing and unaccounted public funds

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Ahmed Tinubu to set up a presidential panel of enquiry to promptly probe the missing US$15 billion of oil revenues, and N200 billion budgeted to repair the nation's refineries.

Bola Tinubu, SERAP, oil revenues, refineries
SERAP wants Tinubu to fish out those responsible for the missing $15Bn, N200bn of oil revenues. Photo credit: Asiwaju Bola Ahmed Tinubu
Source: Facebook

SERAP is calling on President Tinubu to probe the grim "allegations of the missing and unaccounted public funds from between the years 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI)," PremiumTimes reported.

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The group further urged Tinubu 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,” Vanguard report added.

Tinubu was further asked “to fully implement all the recommendations by NEITI in its 2021 report, and to use any recovered proceeds of crime.”

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In the letter dated Saturday, September 23, and signed by SERAP deputy director Kolawole Oluwadare, the organisation said:

“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.”

Obasanjo lists 4 reasons Nigeria’s refineries will never work

Meanwhile, former President Olusegun Obasanjo has revealed why the four oil refineries in Nigeria will never work.

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Obasanjo said the four refineries in Warri, Port Harcourt and Kaduna will never work as long as the government continues to hold onto them, Leadership reported.

The former president, who stated this in an interview with TheCable, published on Tuesday, September 5, said Shell Petroleum Development Company turned down his offer for them to run the refineries.

Marketers reveal petrol price will reduce by N70/litre as Tinubu fixes date for PH Refinery production reported that oil marketers say that immediately after local refining of petroleum products is fully operational, the cost of petrol will go down by at least N70 per litre.

Mike Osatuyi, the National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said this when recently discussing the benefits of the Nigerian government’s investment in functional refineries.

Osatuyi told journalists that despite contracts for refurbishing the refineries being awarded, it be a good development for the repairs to be finalised soon to reduce the stress and substantial burden of imports on the country.


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