By Aniefiok Christopher
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order investigation into allegations that more than N128 billion in public funds was either diverted or remains unaccounted for at the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The rights advocacy group made the call in a letter dated January 3, 2026, signed by its Deputy Director, Kolawole Oluwadare./
The appeal was based on findings contained in the 2022 annual report of the Auditor-General of the Federation, which was published on September 9, 2025.
In the letter, the group urged the President to mandate the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, a Senior Advocate of Nigeria, alongside relevant anti-corruption agencies, to investigate the allegations and ensure the recovery of any missing funds.
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It said any official found culpable should be prosecuted, provided there is sufficient admissible evidence, and that all recovered funds should be returned to the public treasury.
The group further advised that any monies recovered be used to address Nigeria’s fiscal challenges, including funding gaps in the 2026 budget and the country’s growing debt burden.
According to SERAP, the alleged infractions point to long-standing governance failures in the power sector, noting that Nigerians continue to bear the consequences of widespread corruption.
“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter stated.
The group also argued that addressing corruption in the power sector would help resolve persistent electricity challenges, including frequent transmission line failures and unreliable power supply across the country.
It described the allegations as a serious breach of public trust, warning that they raise constitutional, legal and international obligations concerns.
“These allegations suggest grave violations of the Nigerian Constitution, anti-corruption laws and Nigeria’s international commitments, including obligations under the United Nations Convention against Corruption,” the group said.
Citing details from the Auditor-General’s report, the group said the Ministry of Power allegedly failed to account for over N4.4bn transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with no evidence showing how the funds were spent.
They also pointed out that the report flagged N95.4bn paid to contractors without proper documentation or proof of project execution, as well as N33.5 million spent on foreign travel without the required approvals from the Secretary to the Government of the Federation or the Head of the Civil Service of the Federation.
Other questionable expenditures highlighted include more than N230 million spent on the GIGMIS platform, N282 million in non-personal advances said to exceed statutory limits, and several payments made without approvals or supporting records.
At NBET, the Auditor-General reportedly raised concerns over irregular contract awards, unexplained transfers into sub-accounts, payments lacking procurement approvals, and consultancy fees paid for services allegedly not rendered.
Overall, the allegations span contract awards, consultancy services, travel expenses, vehicle procurement, legal fees, staff training and welfare-related spending, with repeated warnings in the report that the funds “may have been diverted” or “misapplied.”
The group warned that failure to act could trigger legal action, giving the President seven days to initiate the recommended measures.
“If we do not hear from you within seven days of the receipt and/or publication of this letter, we will consider appropriate legal actions in the public interest,” it said.
SERAP stressed the government’s constitutional duty to combat corruption and ensure accountability in the management of public funds.
