LAGOS — The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to President Bola Tinubu, demanding a high-level investigation into the alleged disappearance of ₦2.9 billion from two critical federal agencies.
The watchdog group is calling for an immediate probe into the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA) following “grave allegations” of financial mismanagement and the diversion of public funds.
The “Unauthorized” Investment
At the heart of the scandal is a ₦465 million “unauthorized investment” made by NIGCOMSAT into a private firm, Gicell Wireless Ltd. According to the Auditor-General’s report, NIGCOMSAT purchased 200,000 shares in the company without the required approval from the Minister of Science and Technology or the Accountant-General of the Federation.
SERAP noted that there was no evidence of a competent investment appraisal, and the valuation of the private firm appeared to be based on an exchange rate of ₦130 to the dollar, despite it being a wholly-owned Nigerian company. The Auditor-General expressed fears that the entire sum may have been diverted.
Systemic Leakages and Debt
The allegations against NIGCOMSAT extend beyond the failed investment. The agency is accused of failing to remit over ₦507 million in internally generated revenue to the Consolidated Revenue Fund. Additionally, NIGCOMSAT reportedly failed to recover debts totaling ₦1.6 billion, some of which have remained static for over four years.
Other discrepancies cited include:
- Irregular transfers of ₦84 million from REMITA to a “Special Project” account without clear justification.
- ₦64 million in statutory taxes deducted from contractors that were never remitted to the treasury.
- Wrongful rent payments of ₦4.3 million for a Lagos office made to an incorrect property agent.
Nuclear Safety Funds “Unaccounted For”
The Nigerian Nuclear Regulatory Authority (NNRA) is also under fire for allegedly spending over ₦4 million on training for frontline officers that may never have occurred. SERAP highlighted that the agency failed to provide participant lists, attendance registers, or certificates to prove the training took place, suggesting the funds were diverted.
Seven-Day Ultimatum
In a letter signed by Deputy Director Kolawole Oluwadare, SERAP urged the President to direct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to prosecute those responsible and recover the missing funds.
“Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems,” the statement read. “Mismanagement in these agencies not only wastes scarce public resources but also threatens national development and public safety.”
SERAP warned that if the government fails to take action within seven days, it will consider legal proceedings to compel the administration to act in the public interest.
