The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong demand to President Bola Ahmed Tinubu, calling for an immediate investigation into allegations that over N128 billion of public funds are missing or have been diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading (NBET) Plc.
Auditor-General's Report Sparks Outcry
This urgent call for action is based on findings documented in the latest yearly report published by the Auditor-General of the Federation on September 9, 2025. In a letter signed by its Deputy Director, Kolawole Oluwadare, SERAP stressed the severe implications of these allegations for Nigeria's struggling power sector and its citizens.
The organisation has urged President Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to promptly commence a probe. SERAP insists that anyone found responsible should face prosecution, provided there is sufficient admissible evidence, and that all missing or diverted funds must be fully recovered and returned to the public treasury.
Specific Allegations of Financial Misconduct
SERAP detailed specific instances of financial discrepancies cited in the Auditor-General's report. According to the 2022 audited report, the Federal Ministry of Power failed to account for over N4.4 billion that was transferred to Mambilla, Zungeru, and Kashimbilla project accounts.
"There was 'no evidence of how the funds were expended,' the Auditor-General declared, fearing that 'the money may have been diverted.' He wants the money recovered and remitted to the treasury," SERAP stated.
In a separate case, the ministry reportedly paid over N33 million for foreign travels without any approvals. This money covered estacode, flight tickets, visa fees, and other allowances for the minister and his aides to attend the World Utilities Congress in Abu Dhabi and the Huawei innovation land exhibition in Dubai.
Consequences and Calls for Action
SERAP lamented that ordinary Nigerians continue to bear the brunt of widespread corruption in the power sector, which directly contributes to persistent national grid failures and unreliable electricity supply. The organisation argued that tackling this corruption is essential to fixing the country's power problems.
"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," SERAP maintained.
The body proposed a constructive use for any recovered funds, suggesting they should be used to finance the deficit in the 2026 budget and help ease Nigeria’s crippling debt crisis. This move, they argue, would serve the legitimate public interest in ensuring justice and accountability for these serious financial allegations.
