Dare Babalola
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an immediate investigation into allegations of over ₦128 billion in missing or diverted public funds from the Federal Ministry of Power and Nigerian Bulk Electricity Trading Plc.
SERAP made the call in a January 3, 2026 letter signed by Deputy Director Kolawole Oluwadare, citing the Auditor-General’s 2022 report published on September 9, 2025.
The organisation, in the letter asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside relevant anti-corruption agencies, to probe the allegations and ensure recovery of the funds.
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” SERAP said.
It further urged that any recovered funds be channelled towards addressing fiscal gaps.
SERAP said the President should “use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”
The rights group says the alleged financial irregularities expose deep-seated governance failures in Nigeria’s power sector.
“Nigerians continue to pay the price for the widespread and grand corruption in the power sector.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter read.
SERAP argued that confronting corruption in the sector would help resolve persistent electricity challenges.
“Tackling corruption in the power sector would go a long way in addressing the persistent breakdown of transmission lines in the country, and improving access of Nigerians to regular and uninterrupted electricity supply,” it stated.
The organisation called the allegations a serious breach of public trust, saying they raise constitutional and legal red flags.
“These allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations,” SERAP said.
According to excerpts from the Auditor-General’s report cited by SERAP, the Ministry of Power allegedly failed to account for over ₦4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with “no evidence of how the funds were expended.”
The report highlighted ₦95.4 billion paid to contractors lacking documentation or proof of project execution, and ₦33.5 million spent on foreign trips without approval from the SGF or Head of Civil Service.
Other questionable expenses include over ₦230 million spent on the GIGMIS platform, ₦282 million in non-personal advances above statutory limits, and multiple payments lacking approvals or documentation.
At Nigerian Bulk Electricity Trading Plc, the Auditor-General flagged irregular contract awards, unexplained sub-account transfers, payments without procurement approvals, and consultancy fees for allegedly undelivered services.
In total, the allegations span contract awards, consultancy services, travel expenses, vehicle procurement, legal fees, staff training, and welfare-related spending, with the Auditor-General repeatedly warning that the funds “may have been diverted” or “misapplied.”
SERAP warned that failure to act could attract legal consequences.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest,” the organisation said.
The group cited constitutional provisions and Nigeria’s UN Convention against Corruption obligations, stressing the government’s duty to tackle corruption and ensure accountability.
