- Describing the allegations as a serious betrayal of public trust, SERAP warned that the issues raised touch on constitutional
- According to SERAP, such funds should be used to reduce the 2026 budget deficit and help ease Nigeria’s mounting public debt burden
- SERAP insisted that individuals found culpable should be prosecuted in line with the law
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to immediately authorise a probe into alleged financial irregularities involving more than ₦128 billion linked to the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc.
Eko Hot Blog reports that the call was made in a letter dated January 3, 2026, signed by SERAP’s Deputy Director, Kolawole Oluwadare, and based on observations contained in the 2022 report of the Auditor-General of the Federation, which was made public in September 2025.
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In the correspondence obtained by journalists, the rights group requested that the President instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside relevant anti-graft agencies, to investigate the claims and ensure that any mismanaged funds are recovered.
SERAP insisted that individuals found culpable should be prosecuted in line with the law, provided sufficient evidence exists, and that all public funds traced to diversion or mismanagement be returned to government coffers.
The organisation further recommended that any recovered funds be redirected to critical national needs.
According to SERAP, such funds should be used to reduce the 2026 budget deficit and help ease Nigeria’s mounting public debt burden.
The group stated that the allegations reflect longstanding systemic weaknesses in the governance of Nigeria’s electricity sector, noting that citizens continue to suffer the consequences of corruption within the industry.
SERAP stressed that there is strong public interest in ensuring accountability, transparency, and justice over the reported financial discrepancies.
It argued that confronting corruption in the power sector would significantly contribute to resolving recurring transmission failures and improving access to stable electricity nationwide.
Describing the allegations as a serious betrayal of public trust, SERAP warned that the issues raised touch on constitutional, legal, and international obligations.
The organisation cited excerpts from the Auditor-General’s report alleging that billions of naira transferred to major power projects, including the Mambilla, Zungeru, and Kashimbilla projects, were not properly accounted for.
The report also flagged payments to contractors without evidence of work done, questionable foreign travel expenses, and several other expenditures lacking approval or documentation.
Similar concerns were reportedly raised at the Nigerian Bulk Electricity Trading Plc, including irregular contract awards, unexplained financial transfers, and consultancy payments for services allegedly not delivered.
SERAP warned that failure to act within seven days of receiving the letter could compel the organisation to pursue legal action in the public interest.
The group also referenced Nigeria’s obligations under the Constitution and international anti-corruption treaties, stressing the government’s duty to combat corruption and enforce accountability.
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