December 01, (THEWILL) – The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to instruct the Minister of Finance, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein, to disclose the names of companies and contractors who allegedly collected over ₦167 billion from 31 ministries, departments, and agencies without executing any projects.
The call follows revelations in the 2021 annual audited report by the Auditor-General of the Federation, published on November 13, 2024.
The report details how ₦167.6 billion was paid to companies and contractors for projects that were never implemented, with the Nigerian Bulk Electricity Trading Plc. alone accounting for ₦100 billion of the unexecuted contracts.
SERAP, in a letter dated November 30, 2024, signed by its Deputy Director, Kolawole Oluwadare, demanded the publication of the details of the companies, contractors, shareholders, and their ownership interests.
The organization also urged Tinubu to ensure the recovery of the funds and prosecute those involved.
The rights group emphasized that publishing the names of the alleged culprits would deter corruption and ensure accountability.
“Holding companies and contractors accountable for failing to execute projects after receiving public funds will combat waste, fraud, and abuse in public spending,” SERAP stated.
The letter read in part, “The Nigerian Bulk Electricity Trading Plc. reportedly paid ₦100 billion for unexecuted projects. This sends a troubling message about transparency and accountability in the management of public funds.”
It added that unless decisive action is taken, corrupt companies and contractors will continue to undermine public trust, deny Nigerians access to critical services, and impede socio-economic development.
Aside from NBET, the report identified several other MDAs implicated in the scandal, including, Nigerian Correctional Service, Petroleum Technology Development Fund, Ministry of Youth and Sports Development, National Business and Technical Examinations Board, Federal Medical Centre, Bida and Hydrocarbon Pollution Remediation Project Office
SERAP argued that the alleged mismanagement of funds has exacerbated poverty and inequality in Nigeria, depriving citizens of essential public goods and services. It noted that corruption erodes public trust, diverts resources, and undermines the nation’s economic development.
Citing Nigeria’s commitments under the United Nations Convention against Corruption and the Nigerian Constitution, SERAP reminded the Tinubu administration of its duty to ensure transparency and accountability in public finance.
“The Freedom of Information Act and anti-corruption laws mandate the government to provide access to information on its financial activities,” SERAP said.
SERAP called on Tinubu to act within seven days of receiving the letter, warning that failure to do so would compel the organization to pursue legal action in the public interest.
“The government must take immediate measures to recover the ₦167 billion and prosecute those responsible. Failure to act decisively will embolden corrupt actors and further undermine the rule of law,” the letter stated.
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