The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to instruct the Attorney General of the Federation, Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to investigate allegations that over N128 billion in public funds may have been misappropriated from the Ministry of Power and the Nigerian Bulk Electricity Trading (NBET) Plc.
These allegations were highlighted in the latest report from the Auditor-General, released on September 9, 2025. SERAP has called for the prosecution of those suspected of wrongdoing, contingent on the availability of admissible evidence, and insists that any found missing funds should be fully recovered and returned to the treasury.
The organization also proposed that recovered funds be utilized to address deficits in the 2026 budget and mitigate Nigeria’s escalating debt crisis. In a letter signed by SERAP Deputy Director Kolawole Oluwadare, the group emphasized the heavy toll that widespread corruption in the power sector has taken on the Nigerian populace.
SERAP asserted that combating corruption is essential for resolving ongoing issues with transmission line breakdowns and enhancing the reliability of electricity supply across Nigeria.
The recently published 2022 audited report revealed that the Federal Ministry of Power was unable to account for over N4.4 billion transferred to various project accounts, raising concerns about potential fund diversion. Additionally, the ministry reportedly spent over N33 million on foreign travel without necessary approvals, including payments for travel expenses tied to attendance at international congresses.
