SERAP gives Tinubu seven days to probe alleged ₦2.9bn missing funds
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an urgent investigation into the alleged disappearance and diversion of ₦2.9bn from key public institutions, warning that failure to act risks deepening public distrust in government.
In a letter dated 11 April 2026 and signed by its deputy director, Kolawole Oluwadare, the organisation urged the president to direct the minister of communications, innovation and digital economy, Bosun Tijani, alongside the management of the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA), to explain the whereabouts of the funds.
SERAP also asked the attorney general of the federation, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the allegations and ensure that anyone found culpable is prosecuted.
“These allegations, involving critical public institutions, represent a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations,” the group said.
The organisation further demanded that NIGCOMSAT disclose the ownership structure of a company that allegedly received ₦465m in what it described as an “unauthorised investment”, raising concerns about transparency and due process.
SERAP gave the federal government seven days to respond, warning that it would consider legal action if its demands were ignored.
The allegations are rooted in findings from the auditor general’s report published in September 2025, which detailed what SERAP described as a pattern of financial mismanagement across both agencies. According to the report, NIGCOMSAT failed to account for hundreds of millions of naira tied to questionable investments, irregular payments and unremitted revenue.
Among the issues flagged were over ₦507m in internally generated revenue not remitted to the consolidated revenue fund, as well as unexplained transfers and payments lacking proper documentation. The report also cited smaller but telling discrepancies, including payments to staff without due process and funds allocated for undelivered items.
At the NNRA, auditors raised concerns over payments for training programmes that may not have taken place, procurement carried out without approvals and funds spent on items never supplied. There were also questions about unretired cash advances and missing records of revenue collected.
SERAP said the findings pointed to “a systemic pattern of financial mismanagement, opacity and corruption”, warning that lapses in agencies as sensitive as NNRA could have implications beyond finance, extending to national safety.
“Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems,” the group said, adding that unchecked mismanagement threatens development and public confidence alike.
For SERAP, the stakes are clear: without transparency and enforcement, public institutions risk not only losing funds but also the trust on which their legitimacy depends.