By RismadarVoice Reporters
January 4, 2026
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an immediate investigation into allegations that more than ₦128 billion in public funds was missing or misappropriated from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The call came in a letter dated January 3, 2026, signed by SERAP’s Deputy Director, Kolawole Oluwadare, citing findings from the 2022 annual report of the Auditor-General of the Federation, published on September 9, 2025.
SERAP asked the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside relevant anti-corruption agencies, to investigate the allegations and recover any misappropriated funds.
“Anyone suspected to be responsible should face prosecution, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” the Organization said.
It further urged that recovered funds be used to address fiscal gaps, including funding the 2026 budget deficit and alleviating Nigeria’s debt burden.
The rights group described the allegations as indicative of deep-rooted governance failures in the power sector, warning that Nigerians continue to bear the cost of widespread corruption. “There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter read.
According to SERAP’s letter referencing the Auditor-General’s report, the Ministry of Power allegedly failed to account for ₦4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts. The report also flagged ₦95.4 billion paid to contractors without documentation or proof that projects were executed, ₦33.5 million spent on foreign travel without approvals, and multiple questionable expenditures on platforms, advances, and other payments.
At NBET, the Auditor-General reportedly raised concerns over irregular contract awards, unexplained transfers, and payments for consultancy services allegedly not rendered.
SERAP warned that failure to act could trigger legal consequences. “We would be grateful if the recommended measures are taken within seven days. If we do not hear from you by then, SERAP shall consider appropriate legal actions to compel your government to comply in the public interest,” the letter stated.
The Organization cited constitutional provisions and Nigeria’s obligations under the United Nations Convention against Corruption, stressing the government’s duty to combat corruption, ensure accountability.
