The Socio-Economic Rights and Accountability Project (SERAP) has issued a strong call to President Bola Ahmed Tinubu, urging him to direct the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, to publicly disclose the names of contractors and companies implicated in the alleged misappropriation of over ₦167 billion by 31 ministries, departments, and agencies (MDAs).
SERAP insists that these funds were paid for unexecuted projects.
In a letter dated November 30, 2024, signed by its Deputy Director, Kolawole Oluwadare, SERAP demanded transparency regarding the identity of the contractors, details of the unexecuted projects, their locations, and the amounts disbursed. The organization also urged the government to reveal the identities of the shareholders or beneficial owners of the implicated companies to ensure full accountability.
Key Allegations and Findings
SERAP’s demand is based on findings from the 2021 audited report by the Office of the Auditor-General of the Federation, which reportedly uncovered massive irregularities. Among the culprits, the Nigerian Bulk Electricity Trading Plc. (NBET) was identified as having disbursed a staggering ₦100 billion for contracts that were never executed.
The organization stressed that such revelations are critical to preventing further misuse of public funds, asserting that intermediaries within MDAs have facilitated these alleged corrupt activities. This, they argued, undermines Nigeria’s socio-economic development and erodes public trust in governance.
SERAP’s Demands
SERAP called on the Tinubu administration to take decisive steps, including:
- Publishing a comprehensive list of the companies and contractors involved.
- Prosecuting individuals and entities responsible for the misappropriation.
- Recovering the ₦167 billion and reinvesting it into public infrastructure and services.
- Implementing a transparent framework to ensure public resources are managed responsibly and efficiently.
Warning and Legal Actions
SERAP issued a seven-day ultimatum to the government, stating that failure to act on these demands would compel the organization to pursue legal measures to enforce transparency and accountability.
Broader Implications
The letter emphasized that corruption of this magnitude exacerbates poverty, widens inequality, and undermines access to essential public services such as education, healthcare, and electricity. SERAP argued that unchecked corruption would continue to stifle Nigeria’s development and deepen societal divides, creating a growing chasm between the privileged elites and the broader population.
Legal and Ethical Obligations
SERAP reminded the Tinubu administration of its constitutional duty to combat corruption, as well as its commitments under the UN Convention against Corruption, which Nigeria has ratified. These obligations include ensuring transparency in public finance management and taking proactive steps to eliminate systemic corruption.
Call for Action
The letter concluded by urging the administration to prioritize accountability and transparency, not only as a moral and legal imperative but also as a means of restoring public confidence in government institutions. According to SERAP, failure to act decisively would set a dangerous precedent and hinder Nigeria’s efforts to combat corruption effectively.
This development puts President Tinubu’s government under significant pressure to demonstrate its commitment to transparency and accountability, especially in light of widespread public discontent over governance and economic challenges. Whether the administration will act swiftly or face a legal showdown with SERAP remains to be seen.
