The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to immediately direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and relevant anti-corruption agencies to investigate allegations that over N128 billion in public funds is missing or has been diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading (NBET) Plc.
In a letter dated over the weekend and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation demanded that anyone suspected of involvement be prosecuted if sufficient admissible evidence exists, and that any missing or diverted funds be fully recovered and remitted to the national treasury.
SERAP further urged the president to channel any recovered funds towards addressing the budget deficit in the 2026 fiscal year and alleviating Nigeria's mounting debt crisis.
The call stems from findings in the 2022 audited report published by the Auditor-General of the Federation on September 9, 2025.
SERAP highlighted that persistent corruption in the power sector continues to impose severe hardships on Nigerians, underscoring the public interest in ensuring justice and accountability.
The organisation argued that tackling corruption in the sector would significantly improve electricity supply, reduce frequent transmission breakdowns, and ensure regular, uninterrupted power for citizens.
Key allegations cited by SERAP include:
The Federal Ministry of Power's failure to account for over N4.4 billion transferred to project accounts for the Mambilla, Zungeru, and Kashimbilla hydropower projects.
The Auditor-General noted "no evidence of how the funds were expended" and expressed fears that the money "may have been diverted," recommending its recovery and remittance to the treasury.
Over N33 million spent on foreign travels without approvals, covering estacode, flight tickets, visa fees, and allowances for the minister and aides to attend events such as the World Utilities Congress in Abu Dhabi and the Huawei Innovation Land exhibition in Dubai.
SERAP described the allegations as a grave violation of public trust, the 1999 Nigerian Constitution (as amended), national anti-corruption laws, and Nigeria's international anti-corruption obligations.
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