The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Minister of Finance, Olawale Edun, and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, to publicly disclose the names of companies and contractors that received over N167 billion from 31 ministries, departments, and agencies (MDAs) without delivering any projects.
In a letter dated November 30, 2024, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization demanded a comprehensive list detailing the contractors, project descriptions, locations, and amounts disbursed. SERAP also urged the release of information about shareholders or individuals with ownership stakes in the implicated firms.
The group cited the 2021 audited report by the Office of the Auditor-General, which exposed the financial irregularities. SERAP emphasized the need for immediate prosecution of those involved and recovery of the misappropriated funds for reinvestment in public services.
One major offender identified was the Nigerian Bulk Electricity Trading Plc. (NBET), which allegedly disbursed N100 billion for contracts that were never executed.
SERAP argued that publishing the names would deter future corruption and foster transparency in the management of public funds. The letter also criticized complicit intermediaries within MDAs for enabling the fraud, warning that their actions undermine public trust and hinder socio-economic progress.
The organization gave the government a seven-day ultimatum to act, threatening legal action if their demands are not met.
SERAP highlighted the broader impact of corruption, noting that it exacerbates poverty, inequality, and limits access to essential services. They reminded the government of its constitutional duties and commitments under the UN Convention against Corruption, urging the Tinubu administration to prioritize transparency, accountability, and public trust in governance.