SERAP to Tinubu: Probe alleged missing N128bn in power ministry, NBET


Socio-Economic Rights and Accountability Project, SERAP, has urged President Bola Tinubu to direct the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to probe the alleged missing or divertion of over N128 billion of public funds from the Ministry of Power and the Nigerian Bulk Electricity Trading, NBET, Plc, Abuja.

The allegations are documented in the latest annual report published by the Auditor-General on September 9, 2025.

SERAP said: “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury.”

SERAP, therefore, urged him to “use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”  

In SERAP's letter by its Deputy Director, Kolawole Oluwadare, the organisation said: “Nigerians continue to pay the price for the widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.

“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.”

According to SERAP, “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.”

The letter, read in part: “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 ‘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 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 ‘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 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 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.

“The Ministry also paid over N282 million 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.’ 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. 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 into purported sub-accounts of unnamed beneficiaries.’ There was also ‘no authority for such payment, contrary to the Financial Regulations.”

Culled from Vanguard

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