The Socio-Economic Rights and Accountability Project (SERAP) has sent an urgent petition to President Bola Tinubu, demanding an immediate probe into allegations that over ₦128 billion in public funds are missing or diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
In a letter dated January 3, 2026, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation cited a mountain of evidence contained in the latest 2022 annual report by the Auditor-General of the Federation, which was made public on September 9, 2025.
The petition outlined extensive financial irregularities, pointing to what appeared to be systemic corruption within Nigeria’s power sector.
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It is alleged that more than ₦4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts remained unaccounted for, while an additional ₦95.4 billion was reportedly paid to contractors for so-called projects with no evidence that they were ever executed.
The petition also claimed that over ₦33 million was spent on foreign trips to Abu Dhabi and Dubai for the minister and aides without the required approvals from the Secretary to the Government of the Federation or the Head of Service.
According to the petition, serious accounting lapses were identified, including the failure to account for ₦230 million on the GIGMIS platform and the payment of ₦282 million in staff advances that exceeded the statutory limit of ₦200,000.
The petition further raised red flags over the finances of the Nigerian Bulk Electricity Trading (NBET) Plc.
It alleged that more than ₦427 million in contracts were awarded without public advertisement and that ₦7.6 billion was irregularly transferred into sub-accounts belonging to unnamed beneficiaries.
It also claimed that ₦9.3 billion was paid to Egbin Power Plc without supporting documentation, while over ₦420 million was disbursed to eleven ineligible consultants for services allegedly rendered without any proof of execution.
SERAP argued that the persistent collapse of Nigeria’s national grid and the breakdown of transmission lines are directly linked to this scale of grand corruption.
“Nigerians continue to pay the price for the widespread corruption in the power sector,” the letter read. “Tackling this would go a long way in addressing the persistent breakdown of transmission lines and improving access to regular electricity.”
The group urged the President to direct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to prosecute suspects and recover the funds to ease Nigeria’s 2026 budget deficit and debt crisis.
SERAP demanded an immediate probe into the alleged ₦128 billion gap, calling on the Attorney-General of the Federation and relevant anti-corruption agencies to investigate the matter.
The organisation also urged the prosecution of all individuals suspected to be involved, based on admissible evidence, and demanded the full recovery of any diverted funds for remittance into the national treasury.
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SERAP further stressed that any recovered sums should be transparently applied to fund the 2026 budget and reduce Nigeria’s national debt.
The organisation warned that it would consider legal action to compel compliance if the government failed to act within seven days of the publication of its letter.
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