Group to Tinubu: Probe missing ₦2.9b in two agencies

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to direct Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, and the Management of both the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA) to account for and explain the whereabouts of the alleged missing or diverted ₦2.9 billion of public funds from NIGCOMSAT and NNRA.”

The grave allegations are documented in the latest annual report by the Auditor-General of the Federation on September 9, 2025.

The demand by SERAP was contained in a letter dated April 11, 2026, signed by its Deputy Director, Kolawole Oluwadare.

The letter said: “These grave allegations suggest a systemic pattern of financial mismanagement, opacity, and corruption within an agency entrusted with advancing Nigeria’s digital and communications infrastructure.

“The allegations also raise serious questions about compliance with basic financial regulations and procurement standards in an agency responsible for nuclear safety and public protection.

“Any official or agency entrusted with public resources must be held to the highest standards of transparency and accountability. Nigerians have a right to know how their money is spent. 

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government, NIGCOMSAT and NNRA to comply with our request in the public interest.

“These allegations, if left unaddressed, will continue to undermine public confidence in government institutions, weaken Nigeria’s anti-corruption framework, and deprive citizens of resources needed for development. 

“The Nigerian Communications Satellite Ltd (NIGCOMSAT), Abuja failed to account for over ₦465 million [₦465,000,000.00], ‘being unauthorised investment in Gicell Wireless Ltd. NIGCOMSAT ‘paid the ₦465 million for 200,000 ordinary shares in Gicell Wireless Ltd. 

“Gicell Wireless ‘had an authorised share capital of One million ordinary shares of ₦1.00 each.’ The purported ‘strategic investment was made without the approvals of the Minister of Science and Technology and the Accountant-General of the Federation.’ NIGCOMSAT claimed that ‘the total capitalization of Gicell Wireless Ltd was US$500 million’, but without any documents and due process.

“There was also ‘no evidence that a competent Investment Analyst performed investment appraisal.’ Also, ‘the investment agreement revealed that the payment [consideration] was calculated based on a currency exchange rate of ₦130.00 to US$1.00’, but ‘the company is a wholly owned Nigerian company.’ The Auditor-General fears ‘the money [₦465 million] may have been diverted.’

“NIGCOMSAT also made ‘ineligible, irregular and wrong payments of over ₦3 million [₦3,122,690.00] to staff.’ The money was ‘spent on reimbursable expenses to staff’, but ‘without due process and any documents on what the payments were meant for.’ The Auditor-General fears ‘the money may have been diverted.’

“NIGCOMSAT made ‘irregular and wrong payment of rent of over ₦4.3 million [₦4,371,428.58] for Lagos regional office. A 3-bedroom flat ‘situated at No Awolowo Road, Ikoyi, Lagos was leased to NIGCOMSAT as the Lessee and another consultant as the Lessor for the period of two years between 2016 to 2018 for ₦10,395.000.

“But ‘the payment was made to a wrong property agent.’ NIGCOMSAT ‘requested a refund of rent of ₦4,371,428.58 wrongly paid to a consultant,’ but ‘there was no evidence that the consultant refunded the money.’ The Auditor-General fears ‘the money may have been diverted.’

“NIGCOMSAT also ‘paid over ₦3.4 million [₦3,485,000.00] to its staff members between February and December 2020 for the installation of vertical curtains, media campaign, design of logo brand, production of business card for marketing staff, etc.’ 

“But ‘the payment was made without following due process and procurement procedures. The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.

“The Auditor-General noted that the above alleged diverted public funds by NIGCOMSAT covered the periods of January 2020 to December 2020.

“NIGCOMSAT reportedly failed to ‘remit over ₦507 million [₦507,980,087.33] of its internally generated revenue to the Consolidated Revenue Fund.’ The Auditor-General fears ‘the money may have been diverted.’ He wants ‘the money plus all accrued interests’ recovered and remitted to the treasury.

“NIGCOMSAT failed to account for ‘over ₦6 million [₦6,138,113.59] being payment for store items that were never supplied.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury. 

“NIGCOMSAT also ‘irregularly transferred over ₦84 million [₦84,780,260.99] from REMITTA account to an account named Special Project account at different times during the year 2021,’ but ‘without any basis’.

“There was also ‘no evidence of how the transferred funds were spent or utilized, to validate the genuineness of the transferred funds.’  The Auditor-General fears ‘the money may have been diverted.’ 

“NIGCOMSAT failed to ‘recover debts totalling over ₦1.6 billion [₦1,686,453,686.00].’ Some of ‘the reported debts had been static for more than 4 years.’ 

“The Auditor-General wants ‘NIGCOMSAT to account for the money, provide the evidence of actions taken and the amount recovered out of the outstanding debts, and forward evidence of remittance.’ 

“NIGCOMSAT ‘failed to remit over ₦64 million [₦64,727,215.00] of statutory taxes deducted from payments made to various contractors and other beneficiaries as at 31st December, 2020.’ The Auditor-General fears ‘the money may have been lost.’

“The Auditor-General noted that the above alleged diverted and lost public funds in NIGCOMSAT covered the periods of January 2021 to December 2021.