The Federal High Court has granted the Socio-Economic Rights and Accountability Project (SERAP) permission to continue its legal pursuit, compelling President Bola Tinubu to investigate the reported disappearance of US$15 billion in oil revenues and N200 billion allocated for refinery repairs between 2020 and 2021. SERAP made this announcement on Friday, sharing its intention to push forward in holding the President accountable for the alleged missing funds through its verified X page.
In the wake of the court’s decision, SERAP emphasized its urgency to ensure President Tinubu addresses these financial discrepancies. The group initially urged the President to establish a special panel to swiftly investigate the unaccounted US$15 billion oil revenues and N200 billion designated for refinery repairs, as indicated by the Nigeria Extractive Industries Transparency Initiative (NEITI). SERAP called for the identification and prosecution of individuals responsible for the misappropriation of public funds and the complete recovery of any unlawfully obtained assets.
Moreover, the organization insisted on the full implementation of NEITI’s 2021 report recommendations and the utilization of any recovered proceeds from these illicit actions. In a letter dated September 23, 2023, signed by SERAP’s deputy director Kolawole Oluwadare, the organization highlighted the gravity of these allegations, stressing the importance of justice and accountability.
The failure to address these financial irregularities would not only deepen the country’s debt crisis but also breed skepticism and distrust among citizens regarding the government’s capacity to combat high-level corruption. SERAP indicated that failure to comply with their requests within seven days could result in legal actions to ensure governmental compliance in the public’s best interest.
The findings by NEITI underscore a significant violation of public trust, impacting the country’s economic development and depriving Nigerians of opportunities while necessitating the government’s responsibility to maintain transparency and accountability in its financial management.
