Why Buhari Must Probe Babangida Over Missing $12.4bn Oil Windfall – SERAP Reveals Damning Details


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Civil Rights advocacy group, Socio-Economic Rights and Accountability Project, SERAP, has called on the President Muhammadu Buhari-led administration to reopen the unresolved case of the “missing $12.4bn oil windfall” that occurred during the tenure of Ibrahim Babangida.

SERAP, in an open letter, urged AGF Abubakar Malami to “establish the truth about what exactly happened to the public funds reportedly spent between 1988 and 1993 by the government.

“Reopening the case would also send a clear message that cases of high-level official corruption would not go unpunished no matter how long it takes and that suspected perpetrators would be held to account no matter who is involved.”


“SERAP also believes that re-opening the unresolved case of missing $12.4 billion oil windfall would serve as a litmus test for the government of President Muhammadu Buhari oft-repeated commitments to transparency, accountability and the fight against corruption in the country. Full accountability for the missing public funds would contribute to ending impunity of high-ranking public officials for large scale corruption and provide effective remedies to victims of corruption.”

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