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SERAP Calls On President Tinubu To Investigate Missing $15 Billion And N200 Billion Oil Revenues
SERAP Calls On President Tinubu To Investigate Missing $15 Billion And N200 Billion Oil Revenues....KINDLY READ THE FULL STORY HERE▶
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to establish a presidential panel of inquiry to expeditiously investigate the disturbing allegations of the disappearance of over US$15 billion in oil revenues and N200 billion designated for refinery repairs during the period spanning 2020 and 2021, as disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI).
SERAP has urged the president to publicly identify and condemn any individuals suspected of involvement in the misappropriation of public funds and ensure their effective prosecution, as well as the complete recovery of any illicitly obtained proceeds.
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In a letter dated September 23, 2023, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization emphasized the imperative of pursuing justice and accountability in response to these grave allegations. SERAP emphasized that as President and Minister of Petroleum Resources, Tinubu’s office holds a responsibility to investigate these concerning revelations, bring suspected wrongdoers to justice promptly, and recover any missing public funds.
The letter stated, “Failure to investigate these grave allegations, bring suspected perpetrators to justice, and recover missing public funds could have severe implications for resource allocation, exacerbate the country’s debt burden, breed distrust in your government’s ability to combat high-level corruption, discourage foreign investment, and hinder growth and development.”
SERAP requested that the recommended actions be taken within seven days of receiving or publishing the letter. In the event of non-response, SERAP threatened to take legal action to compel the government to comply with its request in the public interest.
NEITI’s findings indicate a significant breach of public trust and violations of the Nigerian Constitution 1999 (as amended), national anti-corruption laws, and the nation’s obligations under the UN Convention against Corruption.
These corruption allegations, as documented by NEITI, undermine the nation’s economic development, perpetuate poverty among the majority of Nigerians, and deprive them of opportunities. SERAP stressed that the government has a constitutional duty to ensure transparency and accountability in the management of the country’s wealth and resources.
According to NEITI’s 2021 report, government agencies such as the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury. These funds account for over 70% of the unremitted public funds. NEITI has called for investigations into both NNPC and NPDC, along with the recovery of the missing funds.
The report also highlights that in 2021, the State-Owned Enterprises (SOE) and its subsidiaries (the NNPC Group) allegedly spent $6.931 billion on behalf of the Federal Government without appropriation by the National Assembly, raising concerns about the potential misuse of these funds. Additionally, the NNPC reportedly obtained a $3 billion loan in 2012 for the purpose of settling subsidy payments to petroleum product marketers, yet there is a lack of transparency regarding the loan’s details, subsidy, and the beneficiaries of the payments.
NEITI’s report further reveals that N9.73 billion in pipeline transportation revenue earned from Joint Venture operations was paid to the NNPC, but the funds were neither remitted to the Federation nor properly accounted for. In 2021, the NPDC also failed to remit $7.61 million from the sale of crude oil.
The report also notes that approximately N200 billion was allocated for “refinery rehabilitation” between 2020 and 2021, yet none of the refineries were operational in 2021 despite the substantial expenditure. NEITI calls for an investigation into this spending, as the funds may be unaccounted for.
Former Vice President Atiku Abubakar has revealed that his push for an opposition coalition was initially rejected by members of the Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶
Atiku made the disclosure during an interview on Arise Television on Wednesday, where he reflected on events following the PDP’s defeat in the 2023 presidential election. According to him, he warned party leaders after the election that the PDP could struggle politically without forming alliances with other opposition forces. “To be honest, I was one of the major initiators of this coalition. After the PDP lost the last election, I told the party clearly that I did not see a future for the PDP without a coalition,” he said. Atiku said his advice was rejected at the time, despite his conviction that Nigeria’s political history had shown the importance of alliances. “They disagreed with me then. I have studied Nigeria’s political transition over the years and saw how previous alliances worked, so it was not difficult for me to foresee this,” he stated. The former vice president added that his support for coalition politics was also influenced by his desire to encourage the emergence of younger leaders he believes are vital to Nigeria’s future. “I saw some of these younger politicians as the future leaders of this country, and I felt it was my duty to point that out,” he said. However, Atiku claimed the resistance he encountered within the party was driven more by personal feelings than by disagreement over the substance of his proposal. “They disagreed with me simply because they did not want to see my face, not because of what I was suggesting,” he said. Atiku added that recent political developments have now vindicated his position on the need for a broad opposition alliance ahead of future elections.
Former Vice President Atiku Abubakar has said the African Democratic Congress (ADC) will first pursue a consensus arrangement before considering a primary election for its 2027 presidential ticket.....KINDLY READ THE FULL STORY HERE▶
Atiku made this known during an interview on Arise Television on Wednesday while discussing the party’s leadership and strategy ahead of the next general election.
He said he is open to backing a consensus candidate if that becomes the party’s collective decision, stressing that such support should not be interpreted as stepping aside.
“It is not about stepping aside, but whether I am willing to support, and yes, I will,” Atiku said.
According to him, the ADC’s first priority is to build internal unity and reach an agreement among stakeholders before considering a competitive primary process.
“Our first option will be to work out a consensus. If that doesn’t happen, then of course we will explore other options. And yes, I will support whoever eventually emerges,” he stated.
Atiku also expressed confidence in the political experience within the party, saying he believes a consensus is achievable and may make a full-scale primary contest unnecessary.
“That remains our preferred path. We will go for primaries if consensus fails, but I honestly do not expect it to get to that stage because we are dealing with mature and experienced politicians,” he added.
His comments come amid growing political consultations and coalition talks as parties begin to position themselves ahead of the 2027 general elections.
Former Vice President Atiku Abubakar has said the opposition coalition under the African Democratic Congress (ADC) has significantly strengthened his chances of winning the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶
Atiku made the remarks during an interview on Arise Television’s Prime Time programme on Wednesday. Speaking on what makes his latest presidential bid different from previous attempts, Atiku said the ADC coalition brings together key political figures from across major parties, including the APC, PDP and Labour Party. He described the alliance as a broader and more strategic political arrangement ahead of the 2027 general elections. According to him, the coalition has created a stronger platform that improves his prospects. “Now, we have a broader coalition — a combination of APC, PDP and LP — which gives me a better chance of becoming president in 2027,” he said. Atiku also noted that the coalition reflects both experience and generational inclusion, which he said shows a clear succession plan. “You see people of my generation, and you see younger people coming behind us, so you can clearly see a succession pattern,” he added. Meanwhile, Atiku described former President Goodluck Jonathan as a decent but inexperienced leader. According to him, Jonathan’s lack of experience contributed to shortcomings in governance and played a role in his defeat in the 2015 presidential election. “I know Goodluck Jonathan very well. He is a decent young man, but he was also inexperienced, and that contributed to his failure in managing the affairs of the country,” Atiku said. He made the remarks while stressing the need for experienced and capable leadership in Nigeria.
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