The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to order an immediate investigation into allegations that more than ₦128 billion in public funds are missing or were diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading (NBET) Plc.
In a letter addressed to the president, SERAP urged him to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, alongside relevant anti-corruption agencies, to probe the claims and ensure accountability.
The allegations are contained in the latest annual report released by the Auditor-General of the Federation on September 9, 2025. SERAP stated that any official found culpable should be prosecuted, provided there is sufficient admissible evidence, and that all missing or diverted funds should be fully recovered and returned to the national treasury.
The organisation also advised that any recovered funds be used to bridge the deficit in the 2026 budget and help ease Nigeria’s mounting debt burden.
In the letter signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group expressed concern that Nigerians continue to suffer the consequences of widespread corruption in the power sector. It stressed that the public has a legitimate interest in ensuring justice, transparency, and accountability.
SERAP noted that addressing corruption in the electricity sector would contribute significantly to resolving persistent transmission failures and improving access to stable and uninterrupted power supply across the country.
According to the organisation, the allegations represent a serious breach of public trust and a violation of the 1999 Constitution (as amended), Nigeria’s anti-corruption laws, and international obligations.
Citing the Auditor-General’s 2022 audited report, SERAP stated that the Ministry of Power failed to properly account for over ₦4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts.
The report noted that there was no evidence showing how the funds were spent, raising fears that the money may have been diverted. The Auditor-General reportedly recommended that the funds be recovered and remitted to the treasury.
SERAP further disclosed that the ministry also spent over ₦33 million on foreign travel without obtaining the required approvals. The expenses reportedly covered estacodes, air tickets, visa fees, and other allowances for officials who attended the World Utilities Congress in Abu Dhabi and the Huawei Innovation Land Exhibition in Dubai.
