The Socio Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to immediately order a full scale investigation into allegations that over N128 billion in public funds are missing or diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc NBET.
The allegations are contained in the latest annual report of the Auditor General of the Federation, published on 9 September 2025, and describe what SERAP calls one of the most disturbing cases of financial mismanagement in Nigeria’s power sector in recent years.
In a letter dated 3 January 2026, SERAP urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, alongside relevant anti corruption agencies, to promptly probe the claims and ensure accountability.
Why Makinde Kept Silent on Bodija Funds and What Really Happened to the N30bn Federal Intervention
“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,” the organisation said.
SERAP further urged that any recovered funds be used to plug gaps in the 2026 budget and help ease Nigeria’s worsening debt burden.
Signed by SERAP’s deputy director, Kolawole Oluwadare, the letter stressed that Nigerians continue to suffer the consequences of systemic corruption in the electricity sector, adding that there is overwhelming public interest in uncovering the truth behind the allegations.
According to SERAP, the findings suggest serious violations of the 1999 Constitution, Nigeria’s anti corruption laws, and international obligations under the UN Convention against Corruption.
The Auditor General’s report revealed that the Ministry of Power failed to account for over N4.4 billion transferred to project accounts for the Mambilla, Zungeru and Kashimbilla power projects, with no evidence of how the funds were spent.
From Optimus to PlutusNeo: What Afrinvest’s Rebrand Signals for Digital Wealth in Nigeria
More alarming, the ministry reportedly paid over N95 billion to contractors for various projects without any documentation or proof that the projects existed or were executed. The Auditor General warned that the funds may have been diverted and recommended full recovery.
The report also flagged over N33 million spent on foreign travels, including trips to Abu Dhabi and Dubai, without approvals from the Secretary to the Government of the Federation or the Head of Civil Service. The funds covered estacode, flight tickets, visas and allowances for the minister and aides.
Additional questionable expenditures included N230 million on the GIGMIS platform, N282 million paid as non personal advances to staff beyond statutory limits, and multiple payments lacking approvals or supporting documents.
At NBET, the findings were equally troubling.
The Auditor General reported that the agency irregularly awarded contracts worth over N427 million, with no evidence of proper advertisement or compliance with procurement laws. There were fears that contracts may have gone to incompetent firms, leading to loss of public funds.
NBET was also accused of irregularly transferring over N7.6 billion into unnamed sub accounts, without authorization, and making payments of over N9.3 billion to Egbin Power Plc without documents to verify the transactions.
Further red flags included over N8 billion paid to beneficiaries without proper records, N420 million paid to ineligible consultants without evidence of services rendered, and extra budgetary spending exceeding N1.1 billion without National Assembly approval.
The report also cited unexplained spending on vehicles, consultancy services, legal fees without approval of the Attorney General, staff welfare packages, and festive shopping running into tens of millions of naira.
In total, SERAP estimates that over N128 billion in public funds across the Ministry of Power and NBET may have been diverted, misapplied or unaccounted for.
SERAP warned that if action is not taken within seven days, it would pursue legal steps to compel the government to act in the public interest.
Quoting constitutional provisions, the organisation reminded the President that his administration is legally bound to abolish corrupt practices, safeguard public resources, and ensure that national wealth serves the common good.
For a sector already crippled by outages, collapsing infrastructure and public frustration, SERAP says confronting corruption in the power industry is no longer optional but urgent.
“The power sector cannot be fixed on stolen money,” the group warned.
