The Socio-Economic Rights and Accountability Project, SERAP, has called on President Bola Tinubu to take immediate action regarding recent allegations of financial misconduct within the power sector.
SERAP specifically urged the President to instruct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to conduct a thorough investigation into the matter.
The allegations centre on claims that more than N128 billion in public funds are either missing or have been diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc, based in Abuja. These serious concerns have been brought to light in the latest annual report released by the Auditor-General of the Federation on September 9, 2025.
SERAP said anyone found responsible should be prosecuted if there is sufficient admissible evidence, and that all missing or diverted public funds should be fully recovered and paid into the treasury. The organisation also urged that any recovered funds be used to address the 2026 budget deficit and ease Nigeria’s mounting debt burden.
In a letter dated January 3, 2026, and signed by SERAP deputy director Kolawole Oluwadare, the group said Nigerians continue to suffer the consequences of widespread corruption in the power sector and stressed the strong public interest in accountability and justice.
SERAP noted that addressing corruption in the power sector would help curb the frequent collapse of transmission lines and improve access to regular and uninterrupted electricity supply.
According to the organisation, the allegations amount to serious violations of public trust, the Nigerian Constitution 1999 as amended, national anti-corruption laws, and Nigeria’s international obligations.
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The letter cited the 2022 audited report of the Auditor-General, which stated that the Federal Ministry of Power failed to account for over N4.4 billion transferred to Mambilla, Zungeru and Kashimbilla project accounts, with no evidence of how the funds were spent. The Auditor-General expressed concern that the funds may have been diverted and called for their recovery.
The report also stated that the ministry paid over N95 billion to contractors for various projects without documentation or evidence that the projects were executed. In addition, over N33 million was reportedly spent on foreign travel without approval, including estacode, flight tickets, visa fees and allowances for attendance at events in Abu Dhabi and Dubai.
The ministry was further accused of failing to account for over N230 million spent on the GIGMIS platform and paying over N282 million as non-personal advances to staff beyond statutory limits.
SERAP also highlighted allegations against the Nigerian Bulk Electricity Trading Plc, NBET, including the irregular award of contracts worth over N427 million without procurement documentation, the transfer of over N7 billion into unnamed sub-accounts without authorization, and unverified payments exceeding N9.3 billion to Egbin Power Plc.
Other allegations include payments of over N8 billion without proper record-keeping, consultancy contracts worth over N420 million awarded without due process, unexplained contingency and security expenses exceeding N45 million, and extra-budgetary spending of over N1 billion without approval.
The Auditor-General also raised concerns over vehicle purchases, legal fees, training expenses, festive welfare payments, and several contracts allegedly awarded without evidence of work done, approvals, or compliance with procurement laws.
SERAP warned that failure to act within seven days of receipt of the letter could result in legal action to compel compliance in the public interest. The group cited constitutional provisions and Nigeria’s obligations under the United Nations Convention against Corruption, stressing that sanctions for grand corruption must be effective, proportionate, and dissuasive.
Crediblenewsng.com
