The Socio Economic Rights and Accountability Project SERAP has called on President Bola Ahmed Tinubu to urgently investigate the alleged disappearance of one hundred and twenty eight billion naira linked to the Federal Ministry of Power and the Nigerian Bulk Electricity Trading company NBET.
In a letter addressed to the president, SERAP claimed that the funds were allocated for electricity related projects but remain unaccounted for. The organization described the situation as alarming, particularly given Nigeria’s persistent power supply challenges.
SERAP argued that mismanagement or diversion of such funds undermines efforts to improve electricity generation and distribution, affecting households and businesses nationwide. It urged the president to direct anti corruption agencies to conduct a thorough and transparent investigation.
The group emphasized that accountability in the power sector is critical to economic development, noting that unreliable electricity continues to discourage investment and inflate production costs.
SERAP also called for the prosecution of any officials found culpable, stressing that impunity has long plagued the sector. It urged the government to recover any missing funds and channel them into critical infrastructure.
Officials from the Ministry of Power and NBET have not issued a detailed response, but past audits have highlighted systemic weaknesses in financial management within the sector.
The call adds to growing pressure on the Tinubu administration to demonstrate zero tolerance for corruption while implementing reforms across key sectors of the economy.
