The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an immediate investigation into allegations that more than 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.
The allegations are contained in the latest annual report of the Auditor-General of the Federation, published on 9 September 2025. In a letter dated 3 January 2026 and signed by SERAP’s Deputy Director, Mr Kolawole Oluwadare, the organisation 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 promptly probe the findings.
SERAP said any individuals found culpable should be prosecuted where sufficient admissible evidence exists, while all missing or diverted funds should be fully recovered and paid into the national treasury. It further urged that any recovered sums be used to address the 2026 budget deficit and help ease Nigeria’s mounting debt burden.
According to SERAP, the alleged financial irregularities reflect widespread corruption in the power sector, which continues to impose heavy costs on Nigerians through poor electricity supply and repeated infrastructure failures. The group stressed that there is a compelling public interest in ensuring accountability for the alleged abuses.
Citing the 2022 audited report of the Auditor-General, SERAP noted that the Ministry of Power allegedly failed to account for over N4.4 billion transferred to project accounts for the Mambilla, Zungeru and Kashimbilla power projects, with no evidence of how the funds were expended. The report also raised concerns over more than N95 billion reportedly paid to contractors for projects that could not be verified, as well as several other questionable expenditures, including unauthorised foreign travel allowances, unexplained payments on digital platforms, and advances to staff beyond statutory limits.
The Auditor-General similarly flagged numerous alleged financial breaches at NBET, including irregularly awarded contracts, unapproved transfers to unnamed sub-accounts, undocumented payments to power generation companies, consultancy fees without evidence of services rendered, extra-budgetary spending without legislative approval, and payments for goods and services lacking due process documentation.
SERAP said the findings suggest serious violations of public trust, the 1999 Constitution (as amended), Nigeria’s anti-corruption laws, and the country’s international obligations under conventions such as the United Nations Convention against Corruption.
The organisation warned that failure to act within seven days of receipt or publication of its letter would compel it to consider legal action to force compliance in the public interest.
SERAP further cited constitutional provisions requiring the government to abolish corrupt practices, ensure social justice, and manage national resources for the common good, stressing that decisive action on the allegations would be a critical step towards restoring accountability and improving electricity supply nationwide.
