The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to order an immediate investigation into allegations that more than ₦128 billion in public funds is either missing or was diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc.

The call was made in a letter dated January 3, 2026, and signed by SERAP’s Deputy Director, Kolawole Oluwadare. The organisation said its request was based on findings contained in the 2022 annual report of the Auditor-General of the Federation, which was published on September 9, 2025.

In the letter obtained by our correspondent, SERAP urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption agencies, to investigate the allegations and ensure the recovery of any missing funds.

“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” SERAP said.

The organisation also advised that any funds recovered through the probe should be deployed to address Nigeria’s fiscal challenges.

SERAP said the President should “use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”

According to the rights group, the alleged financial irregularities reflect deep-seated governance failures within Nigeria’s power sector.

“Nigerians continue to pay the price for the widespread and grand corruption in the power sector.

“There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter stated.

SERAP further argued that addressing corruption in the power sector would contribute significantly to resolving the country’s longstanding electricity problems.

“Tackling corruption in the power sector would go a long way in addressing the persistent breakdown of transmission lines in the country, and improving access of Nigerians to regular and uninterrupted electricity supply,” it said.

The organisation described the allegations as a serious breach of public trust, warning that they raise constitutional and legal concerns.

“These allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations,” SERAP said.

Citing excerpts from the Auditor-General’s report, SERAP alleged that the Ministry of Power failed to account for over ₦4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with “no evidence of how the funds were expended.”

The report also reportedly flagged ₦95.4 billion paid to contractors without documentation or proof that the projects were executed.

In addition, the Auditor-General was said to have raised concerns over ₦33.5 million spent on foreign travels without approvals from the Secretary to the Government of the Federation or the Head of Civil Service.

Other questionable expenditures highlighted in the report include over ₦230 million spent on the GIGMIS platform, ₦282 million in non-personal advances allegedly exceeding statutory thresholds, and multiple payments made without the required approvals or supporting records.

At the Nigerian Bulk Electricity Trading Plc., the Auditor-General reportedly expressed concerns over irregular contract awards, unexplained transfers into sub-accounts, payments lacking procurement approvals, and consultancy fees paid for services allegedly not rendered.

Overall, the allegations span contract awards, consultancy services, travel expenses, vehicle procurement, legal fees, staff training and welfare-related spending, with the Auditor-General repeatedly warning that the funds “may have been diverted” or “misapplied.”

SERAP warned that failure by the government to act on the allegations could result in legal action.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest,” the organisation said.

The group also cited relevant constitutional provisions and Nigeria’s obligations under the United Nations Convention against Corruption, stressing that the government has a duty to abolish corruption and ensure accountability in the management of public resources.