The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an immediate and transparent investigation into allegations of over ₦128 billion allegedly missing or diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc. (NBET).
The appeal was contained in a letter dated January 3, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare. The group referenced findings from the 2022 annual report of the Auditor-General of the Federation, released on September 9, 2025.
SERAP urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), as well as anti-corruption agencies, to identify and prosecute any individuals involved, recover missing funds, and ensure that they are remitted to the national treasury.
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence,” the letter read.
The group added that any recovered funds should be used to close fiscal gaps and support the 2026 national budget, stating: “Use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”
SERAP decried systemic corruption in Nigeria’s power sector, arguing that it continues to harm ordinary citizens and impede national development.
“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,” the organisation stated.
The rights group described the allegations as a serious breach of public trust and a violation of Nigeria’s Constitution, anti-corruption laws, and international obligations.
“These allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anti-corruption legislation and international anti-corruption obligations,” SERAP warned.
Citing excerpts from the Auditor-General’s report, SERAP said:
Over ₦4.4 billion transferred to project accounts for Mambilla, Zungeru, and Kashimbilla dams remain unaccounted for.
₦95.4 billion was allegedly paid to contractors without evidence of project execution.
₦33.5 million was spent on foreign travel without requisite approvals.
₦230 million was allegedly misused on the GIGMIS platform.
₦282 million was disbursed as non-personal advances above statutory thresholds.
At NBET, the report flagged:
Irregular contract awards.
Unexplained transfers into sub-accounts.
Consultancy fees paid for unrendered services.
Procurement-related violations and undocumented expenditures.
SERAP warned that failure to act within seven days would compel the organisation to pursue legal action to ensure accountability.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest,” the group stated.
The letter also cited Nigeria’s obligations under the United Nations Convention against Corruption and reiterated the government’s duty to promote transparency and eradicate corruption.