- Citing findings in the auditor-general’s report, SERAP called on President Bola Tinubu to order an urgent investigation into allegations of missing £128 billion from the Ministry of Power and NBET.
- The news sparked public outrage and renewed calls for Nigeria’s power sector to be held accountable.
The Socio-Economic Rights and Responsibilities Project (SERAP) has sounded the alarm over the alleged disappearance of £128 billion from Nigeria’s Ministry of Power and the Nigeria Bulk Electricity Trading Company (NBET), calling on President Bola Tinubu to order an immediate investigation.
The allegation was contained in a report cited by SERAP, which claimed that the funds, equivalent to approximately $88 million, were either missing or diverted without proper accountability. The figures were reportedly recorded in the federation’s auditor-general’s annual report in September 2025.
In a public statement, SERAP urged the President to direct the Attorney General and Minister of Justice of the Federation, Lateef Fagbemi (SAN), and relevant anti-corruption agencies to investigate the matter and ensure the recovery of any misappropriated public funds.
According to SERAP, the alleged missing funds are linked to the Ministry of Power and NBET, the agency responsible for purchasing electricity from generation companies and selling it to distribution companies, making it a key institution in Nigeria’s electricity value chain.
The advocacy group stressed that failure to investigate the allegations would undermine transparency and fuel public mistrust, especially as Nigeria continues to face power challenges and ongoing power supply shortages.
After the report was published, Nigerians expressed outrage on social media, questioning how such large sums of money could remain unaccounted for in an already inefficient industry.
