- Audit Reveals Massive Corruption Across 31 MDAs
- SERAP Urges Tinubu to Recover Funds, Prosecute Culprits
- Transparency Key to Combating Grand Corruption, Group Says
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 release the names of companies and contractors who received over ₦167 billion from 31 Ministries, Departments, and Agencies (MDAs) without executing the corresponding projects.
This demand stems from alarming revelations in the 2021 audited report by the Office of the Auditor-General of the Federation, which documented systemic corruption across several MDAs. According to SERAP, details of the projects, their locations, and the specific amounts collected by each contractor must be made public.
“The details to be published should include the names of shareholders and others with ownership interests in the companies,” said Kolawole Oluwadare, SERAP’s deputy director, in a letter dated November 30, 2024.
SERAP has urged the government to take decisive action by prosecuting those involved, recovering the stolen funds, and publicly naming and shaming the entities responsible. “Publishing these names will deter complicity in grand corruption and signal your government’s commitment to accountability,” the letter emphasized.
The report cited the Nigerian Bulk Electricity Trading Plc. (NBET) as the biggest offender, allegedly disbursing ₦100 billion to contractors for projects that were never executed. Other implicated agencies include the Nigerian Correctional Service, Petroleum Technology Development Fund, and the Federal Ministry of Youth and Sports Development, among others.
SERAP further noted that the misuse of public funds exacerbates developmental challenges and entrenches inequality, with citizens bearing the brunt through limited access to public goods and services.
The group has given the government a seven-day ultimatum to act, threatening legal action should their demands go unheeded. “Failure to act will only embolden corrupt practices, undermine public trust, and perpetuate socio-economic stagnation,” SERAP warned.
This call for transparency comes as the country grapples with economic challenges, making it crucial for public funds to be utilized effectively and accountably to promote development and alleviate poverty.
