ABUJA, Nigeria — Just as Nigerians yearn for stable electricity, a new report threatens to plunge the power sector into another kind of darkness. The Socio-Economic Rights and Accountability Project (SERAP) has issued a scathing demand to President Bola Tinubu, urging an immediate and thorough investigation into an alleged N128 billion of missing or diverted public funds within the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
Auditor-General’s Alarm Bells Ring Loud
SERAP’s urgent call, contained in a letter dated January 3, 2026, and signed by Deputy Director Kolawole Oluwadare, is based on alarming findings from the 2022 Auditor-General of the Federation’s report, which was published in September 2025.
The report details a litany of financial malpractices and glaring irregularities, painting a grim picture of financial governance within the critical power sector.
The N128 Billion Breakdown: Where Did the Money Go?
According to SERAP and the Auditor-General’s report, the alleged missing funds include:
- N4.4 Billion: Allegedly transferred to various power project accounts with no explanation or justification whatsoever.
- N95.4 Billion: Paid to contractors without any evidence or proof that the work was actually done or completed.
- Questionable Expenses: Billions more flagged for:
- Unapproved foreign travel expenses.
- Dubious consultancy services.
- Undocumented software platform acquisitions.
- Unaccounted advances and poorly documented contract awards.
The Auditor-General explicitly warned that many of these funds may have been diverted or misapplied, raising serious questions about systemic corruption.
SERAP’s Demand: Recover, Prosecute, and Restore Trust
SERAP has called on President Tinubu to:
- Order Investigation: Direct the Attorney General of the Federation, Lateef Fagbemi, and all relevant anti-corruption agencies to launch an immediate probe.
- Recover Funds: Ensure the swift recovery of all stolen or diverted monies.
- Prosecute Culpable Parties: Bring to justice any officials found to be responsible for these alleged financial crimes.
- Boost the Treasury: Channel recovered funds directly into the national treasury to support the 2026 budget and alleviate Nigeria’s mounting debt burden.
SERAP stressed that these allegations highlight long-standing governance failures that have directly contributed to the worsening electricity crisis in Nigeria. The organization has given President Tinubu a seven-day ultimatum to respond, warning of potential legal action if no concrete steps are taken.
The group concluded by reminding the government of its constitutional duties and international anti-corruption obligations, emphasizing that failure to act would be a grave betrayal of public trust.
