The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct top officials, including the Minister of Finance, Olawale Edun, and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, to reveal the identities of companies and contractors who collected over ₦167 billion from 31 ministries, departments, and agencies (MDAs) without delivering any projects.
This appeal follows findings from the 2021 audited report by the Office of the Auditor-General of the Federation, which exposes widespread corruption and mismanagement in public project allocations.
SERAP’s Demands for Transparency
In a letter dated November 30, 2024, signed by its Deputy Director, Kolawole Oluwadare, SERAP requested the publication of specific details, including the names of contractors, the projects involved, their locations, and the amounts collected. The organization also urged the government to recover the misappropriated funds and bring the culprits to justice.
“Publishing the names will make it hard for companies and contractors to get away with complicity in grand corruption,” the letter stated.
The Nigerian Bulk Electricity Trading Plc. (NBET) was singled out for paying over ₦100 billion for projects that were not executed. Other implicated agencies include the Nigerian Correctional Service, the National Pension Commission, and the Ministry of Niger Delta Affairs.
Broader Implications of the Fraud
SERAP warned that failure to act decisively would embolden corrupt actors, exacerbate developmental challenges, and deepen public distrust in government institutions.
“The allegations of corruption involving many companies and contractors who collected over ₦167 billion from 31 MDAs have continued to impair, obstruct, and undermine access of poor Nigerians to public goods and services,” the organization emphasized.
According to SERAP, the fraudulent activities amount to violations of national anti-corruption laws and Nigeria’s obligations under international conventions, such as the UN Convention against Corruption.
SERAP’s Push for Legal Action
SERAP urged the Attorney General of the Federation, Lateef Fagbemi, and anti-corruption agencies to prosecute the companies and contractors involved while recovering the stolen funds.
“It is important to show that your government would not shield or allow ingrained wrongdoing by companies and contractors to go unpunished,” the group said, emphasizing that recovery efforts should be transparent and the funds returned to the national treasury.
Impact of Corruption on Nigerians
The organization highlighted the adverse effects of corruption on the socio-economic well-being of Nigerians, citing inequality, poor access to healthcare and education, and widespread poverty as direct consequences of such fraudulent practices.
“Corruption undermines economic development, trapping the majority of Nigerians in poverty and depriving them of opportunities,” SERAP noted.
A Call to Action
SERAP has given the government a seven-day ultimatum to take concrete steps toward naming and prosecuting the perpetrators. Failing this, the organization vowed to pursue legal actions to compel compliance in the public interest.
