MDGIF Boss Faces Questions Over ₦12.94bn Revenue Under-Remittance, Documents Reveal

By TrackNews Investigations

The Executive Director of the Midstream and Downstream Gas Infrastructure Fund (MDGIF), Mr. Oluwoke Adama, is facing questions over an alleged ₦12.94 billion under-remittance of statutory revenue accruable to the Fund in 2024, according to official documents obtained by TrackNews.

The documents allege that the 0.5 per cent statutory revenue due to the MDGIF from petroleum and gas sales amounted to ₦102,240,025,003.61 in 2024.

However, only ₦89,299,713,930.80 was reportedly remitted and accounted for, leaving a difference of ₦12,940,311,072.81.

According to the documents, the discrepancy amounts to an alleged under-remittance of statutory revenue and has raised concerns over possible loss of government revenue.

The MDGIF is a multi-billion-naira fund domiciled within the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and established under the framework of the Petroleum Industry Act (PIA) 2021.

The agency is headed by Mr. Oluwoke Adama as Executive Director, while the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, serves as Chairman of its Governing Council.

The documents reportedly cite Sections 52(7) and 52(8) of the Petroleum Industry Act 2021, alleging that the reported discrepancy constitutes a contravention of the statutory framework governing the Fund’s revenues.

They further reference Paragraph 3112(i) of the Financial Regulations 2009, which provides for sanctions in circumstances involving irregularities in the handling or accounting for public funds.

The documents consequently raise questions about how the ₦12.94 billion difference arose, whether the amount was subsequently recovered or reconciled, and who bears responsibility for the reported shortfall.

However, the documents reviewed by TrackNews do not, by themselves, establish that Mr. Adama personally diverted the funds. Rather, they raise allegations concerning the administration, remittance and accounting of statutory revenue under the MDGIF.

TrackNews understands that the matter could warrant further clarification from the MDGIF, NMDPRA and relevant government oversight authorities, particularly on the status of the alleged ₦12.94 billion discrepancy.

The public interest questions arising from the documents include: Where did the ₦12.94 billion difference go? Was the amount subsequently remitted? Was a reconciliation carried out, and were any officials sanctioned?

TrackNews will continue to examine the records and seek responses from the relevant authorities as part of its ongoing investigation.