The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an immediate investigation into allegations that over N128 billion in public funds is missing or was diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc. (NBET), Abuja.
SERAP urged the President to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, alongside relevant anti-corruption agencies, to probe the allegations contained in the Auditor-General of the Federation’s annual report published on September 9, 2025.
In a letter dated Sunday and signed by SERAP’s Deputy Director, Mr Kolawole Oluwadare, the organisation said anyone found culpable should be prosecuted if sufficient admissible evidence exists, while all missing or diverted funds should be fully recovered and remitted to the treasury.
The group further urged that any recovered funds be deployed to address the deficit in the 2026 budget and help ease Nigeria’s growing debt burden.
According to SERAP, widespread corruption in the power sector continues to impose severe hardship on Nigerians, stressing that there is a compelling public interest in ensuring accountability for the alleged financial irregularities.
SERAP noted that addressing corruption in the sector would significantly improve electricity supply by reducing persistent transmission failures and enhancing access to regular and uninterrupted power nationwide.
The organisation said the allegations represent a serious breach of public trust and violate the 1999 Constitution (as amended), Nigeria’s anti-corruption laws and international obligations.
Citing the Auditor-General’s 2022 audited report, SERAP alleged that the Ministry of Power failed to account for over N4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with no evidence provided on how the funds were utilised.
The report also alleged that over N95 billion was paid to contractors for various projects without documentation or proof that the projects were executed, raising fears that the funds may have been diverted.
In addition, the ministry was accused of spending over N33.5 million on foreign travels without the required approvals, as well as failing to account for over N230 million spent on the Government Integrated Financial Management Information System (GIFMIS) platform.
The Auditor-General further alleged that over N282 million was paid as non-personal advances to staff beyond the statutory threshold, without proper justification.
SERAP also raised concerns over NBET’s financial practices, including the alleged irregular award of contracts valued at over N427 million without evidence of due procurement process, as well as the transfer of over N7.6 billion into unauthorised sub-accounts.
Other allegations against NBET include unverified payments of over N9.3 billion to Egbin Power Plc, payments exceeding N8 billion without proper documentation, and the award of consultancy contracts worth over N420 million to ineligible consultants without proof that services were rendered.
SERAP warned that it would consider appropriate legal action if the Federal Government fails to act on its request within seven days, stressing that the Constitution and the United Nations Convention against Corruption, which Nigeria has ratified, impose clear obligations on the government to combat corruption and abuse of power.
