The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to investigate the alleged disappearance of more than ₦128 billion from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc. The group urged the president to direct the Attorney General and relevant anti-corruption agencies to promptly look into these claims, which are detailed in the Auditor-General’s latest annual report.
The organization emphasized that those responsible should face prosecution if sufficient evidence is found, and any missing funds should be fully recovered. It suggested that recovered money could help address the deficit in the 2026 budget and alleviate Nigeria’s debt crisis.
In a letter, the group highlighted the severe impact of corruption in the power sector, linking it to persistent infrastructure failures and unreliable electricity supply. It stressed that these allegations represent a breach of public trust, constitutional provisions, and anti-corruption laws.
The Auditor-General’s report raised concerns about multiple financial discrepancies. The Ministry of Power reportedly could not account for ₦4.4 billion transferred to project accounts, with no records of expenditure. Additionally, ₦95 billion was allegedly paid to contractors without documentation to confirm project execution. Other irregularities included unauthorized travel expenses of ₦33 million and unaccounted expenditures of ₦230 million on a digital platform.
Further findings revealed that the Ministry made excessive cash advances to staff beyond approved limits, while the Nigerian Bulk Electricity Trading Plc. was accused of irregular contract awards worth ₦427 million, lacking proper procurement records. The agency also allegedly transferred ₦7 billion without authorization and paid ₦9.3 billion to Egbin Power PLC without verifying the transactions.
The report also flagged ₦8 billion in payments not recorded in official registers and ₦420 million paid to ineligible consultants without proof of services rendered.
The group urged swift action within seven days, warning of legal measures if no response is received. It cited constitutional obligations to combat corruption and Nigeria’s commitments under the UN Convention against Corruption, which mandates sanctions for graft.