The Socio-Economic Rights and Accountability Project (SERAP) has officially petitioned President Bola Ahmed Tinubu to launch an immediate, high-level investigation into the alleged disappearance or diversion of over N128 billion from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The demand follows the release of the 2025 Auditor-General’s report, which paints a grim picture of systemic corruption, undocumented multi-billion naira payments, and a blatant disregard for procurement laws within Nigeria’s energy nerve centres.
In a strongly worded letter dated January 3, 2026, signed by Deputy Director Kolawole Oluwadare, SERAP urged the President to instruct the Attorney General of the Federation, Lateef Fagbemi, SAN, and relevant anti-corruption agencies to track down the funds.
The organisation insisted that anyone found responsible for the grave breach of public trust must face prosecution, with all recovered assets funnelled back into the national treasury to alleviate the country's 2026 budget deficit and mounting debt.
The Auditor-General’s report, published on September 9, 2025, detailed a series of financial anomalies that have left the power sector and the Nigerian public in the dark.
Central to the allegations is the Ministry of Power’s failure to account for N4.4 billion meant for critical hydro-projects, including Mambilla, Zungeru, and Kashimbilla.
The report suggested that these funds may have been diverted, as no evidence of utilisation was provided.
Even more staggering is the revelation of N95 billion paid to contractors for projects that lack any documentation or proof of execution.
While the nation grapples with a fragile national grid and constant blackouts, the audit also flagged extravagant spending, including N33 million for unauthorised foreign trips to Abu Dhabi and Dubai by the minister and aides, and over N282 million paid as illegal advances to staff.
The Nigerian Bulk Electricity Trading Plc (NBET) was not exempt from the scrutiny. The audit uncovered N427 million in contracts awarded without public advertisement, violating fundamental procurement laws.
Furthermore, a mysterious N7.6 billion was reportedly moved into sub-accounts of unnamed beneficiaries, while N9.3 billion was paid to Egbin Power Plc without any authenticating documents.
The report further highlighted: N8 billion in payments made without any record-keeping; N420 million paid to consultants who provided no evidence of work; N1.1 billion in extra-budgetary spending without approval from the Ministry of Finance or the National Assembly.
SERAP argued that the direct consequence of this financial mismanagement is the persistent electricity shortages and frequent transmission line failures that continue to plague Nigerian households and businesses.
“Addressing corruption in the sector is the first step toward regular and uninterrupted electricity,” the group stated.
It reminded the President that Section 15(5) of the 1999 Constitution mandates the state to abolish all corrupt practices and manage resources for the common good.
The civil society group issued a one-week deadline for the federal government to initiate a probe. Failure to act, SERAP warned, would result in legal proceedings to compel the administration to uphold its constitutional obligations.
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