The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate the alleged disappearance or diversion of over ₦128 billion from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The request, detailed in a letter by SERAP Deputy Director Kolawole Oluwadare and given to Persecondnews on Sunday, January 4, follows findings in the Auditor-General’s 2025 annual report.
SERAP urged the President to direct the Attorney General and anti-corruption agencies to prosecute those responsible and recover the funds to help bridge the 2026 budget deficit and alleviate the nation’s debt crisis.
“Nigerians continue to pay the price for grand corruption in the power sector,” the organization stated, emphasizing that public interest demands immediate accountability.
SERAP stated:“Tackling corruption in the power sector would go a long way in addressing the persistent breakdown of transmission lines in the country, and improving access of Nigerians to regular and uninterrupted electricity supply.
“These allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations.
“According to the recently published 2022 audited report by the Auditor-General of the Federation, the Federal Ministry of Power failed to account for over N4.4 billion [N4,404,647,938.53] ‘transferred to Mambilla, Zungeru and Kashimbilla project accounts by the Ministry.’
“There was ‘no evidence of how the funds were expended.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.
“The Ministry also paid over N95 billion [N95,415,183,701.83] to ‘some contractors for various projects.’ But ‘there was no document on the payments, and no evidence that the projects existed and were executed.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.
“The Ministry paid over N33 million [N33,557,959.00] ‘for foreign travels’, but ‘without any approvals.’ The money was paid as estacode, flight tickets, visa fees and other allowances to enable the minister and his aides to attend the World Utilities Congress at Abu Dhabi and the Huawei innovation land exhibition in Dubai.
“The travels ‘were never approved by the Secretary to the Government of the Federation or the Head of Civil Service.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.
“The Ministry failed to account for over N230 million [N230,795,255.27] being ‘expenditure on the GIGMIS platform.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
SERAP also stated:“The Ministry also paid over N282 million [N282,672,576.53] as ‘non-personal advances to various staff of the ministry for the procurement of goods and services.’ But the ‘payments were beyond the statutory threshold of N200,000.00.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.
“The Nigerian Bulk Electricity Trading Plc., (NBET) Abuja, also ‘irregularly awarded contracts for over N427 million [N427,491,866.16]. There was ‘no evidence of advert placements in the procurement journal’.
“The Auditor-General fears ‘the contracts may have been awarded to incompetent contractors’, resulting in ‘loss of government funds.’ He wants the money recovered and remitted to the treasury.
“NBET ‘irregularly transferred over N7 billion [N7,620,840,000.00] into purported sub-accounts of unnamed beneficiaries.’ There was also ‘no authority for such payment, contrary to the Financial Regulations.’
“NBET claimed it paid over N9.3 billion [N9,336,986,697.17] to Egbin Power PLC as outstanding payment on GenCos for Power Sector Reform Programme.’ But there was no document to authenticate the genuineness of the transactions.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.
“NBET paid over N8 billion [N8,027,355,487.20] ‘to some beneficiaries’ but ‘without entering the transaction into the payment vouchers register and the vote book.’ The Auditor-General fears ‘the money may have been diverted and misapplied.’ He wants the money recovered and remitted to the treasury.
“NBET also reportedly ‘awarded contracts of over N420 million [N420,665,525.65] to eleven ineligible consultants.’ The payments were for various consultancy services such as technical support on power plant capacity testing of 5 power plants.’ But there was ‘no evidence that the services paid for were rendered.”
The organization threatened that if the recommended measures are not taken within 7 days of the receipt and/or publication of this letter, it would consider appropriate legal actions to compel your government to comply with its request in the public interest.
“Section 13 of the Nigerian Constitution imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the Constitution. Section 15(5) imposes the responsibility on your government to abolish all corrupt practices and abuse of power.
“Article 26 of the UN Convention against Corruption, which Nigeria has ratified, requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption,” SERAP said.
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