SERAP Writes Tinubu, Demands Probe Into ₦128bn Missing Funds In Power Sector

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an immediate probe into allegations that more than ₦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, SERAP called on the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside relevant anti-corruption agencies, to investigate the allegations contained in the latest report of the Auditor-General of the Federation published on September 9, 2025

SERAP said anyone found culpable should be prosecuted if there is sufficient admissible evidence, while all missing or diverted funds should be fully recovered and remitted to the treasury.

The organisation also urged that any recovered funds be deployed to bridge the deficit in the 2026 budget and help ease Nigeria’s growing debt burden.

According to SERAP, the Auditor-General’s report raised grave concerns over multiple unaccounted payments by the Ministry of Power, including over ₦4.4 billion transferred to project accounts without evidence of expenditure, more than ₦95 billion allegedly paid to contractors for projects with no documentation, and several other questionable payments running into hundreds of millions of naira.

The organisation said similar irregularities were flagged at NBET, including billions of naira transferred to unnamed beneficiaries, contracts allegedly awarded without due process, extra-budgetary spending exceeding ₦1.1 billion, and payments made without proper approvals or supporting documents.

SERAP warned that the allegations suggest serious violations of public trust, the Nigerian Constitution, anti-corruption laws and Nigeria’s international obligations.

It stressed that tackling corruption in the power sector would help address persistent transmission failures and improve access to reliable electricity.

The group gave the Federal Government seven days to act on its request, warning that it would consider legal action in the public interest if no response is received within the stipulated timeframe