The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an immediate probe into allegations that over N128 billion in public funds are missing or were diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The allegations are contained in the latest annual report of the Auditor-General of the Federation, published on September 9, 2025.
In a letter dated Sunday and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, alongside relevant anti-corruption agencies, to investigate the claims and prosecute those found culpable.
“Anyone suspected to be responsible should face prosecution, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” SERAP said.
The organisation also urged the government to channel any recovered funds toward bridging the 2026 budget deficit and easing Nigeria’s rising debt burden.
SERAP said Nigerians continue to bear the brunt of “widespread and grand corruption” in the power sector, stressing that accountability would help address persistent transmission failures and improve electricity supply nationwide.
According to the group, the Auditor-General’s report raised concerns over several questionable expenditures, including over N4.4 billion transferred to power project accounts without evidence of use, N95.4 billion allegedly paid to contractors for projects with no proof of execution, and multiple unapproved payments for foreign travel.
The report also flagged irregular payments and contract awards by NBET running into billions of naira, with no supporting documentation or evidence of services rendered.
SERAP warned that failure to act within seven days of receiving the letter could result in legal action to compel the government to investigate the allegations.
The group cited provisions of the 1999 Constitution and Nigeria’s obligations under the UN Convention against Corruption, urging the Tinubu administration to demonstrate commitment to transparency and accountability.
