SERAP asks Tinubu to probe alleged missing N2.9bn in NIGCOMSAT, NNRA

The Socio-Economic Rights and Accountability Project has called on President Bola Ahmed Tinubu to order an investigation into the alleged disappearance or diversion of N2.9 billion from the Nigerian communications satellite ltd and the nigerian nuclear regulatory authority.

In a letter dated April 11 and signed by Kolawole Oluwadare, its deputy director, the organisation also asked the President to direct Bosun Tijani, the minister of communications, innovation and digital economy to account for the funds in question.

The letter read in part, “The Nigerian Communications Satellite Ltd (NIGCOMSAT), Abuja failed to account for over N465 million [N465,000,000.00], ‘being unauthorised investment in Gicell Wireless Ltd. NIGCOMSAT ‘paid the N465 million for 200,000 ordinary shares in Gicell Wireless Ltd.’

“Gicell Wireless ‘had an authorised share capital of one million ordinary shares of N1.00 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 N130.00 to US$1.00’, but ‘the company is a wholly owned Nigerian company.’ The Auditor-General fears ‘the money [N465 million] may have been diverted.’”

“NIGCOMSAT also made ‘ineligible, irregular and wrong payments of over N3 million [N3,122,690.00] 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.”

SERAP further urged Tinubu to instruct Lateef Fagbemi, the attorney general of the federation and minister of justice alongside anti-corruption agencies, to investigate the allegations and recover any missing public funds.

According to the group, the allegations were contained in the latest annual report of the Auditor-General, published on September 9, 2025.

SERAP said the report accused NIGCOMSAT of failing to account for N465 million allegedly invested in Gicell Wireless Ltd without the required approvals and due process.

It also cited alleged irregular payments, failure to remit over N507 million in revenue, unrecovered debts exceeding N1.6 billion and unremitted taxes of more than N64 million.

On the NNRA, SERAP alleged that over N4 million was paid for training programmes without evidence they took place, while more than N16 million was reportedly spent on ICT equipment without approval.

“Any official or agency entrusted with public resources must be held to the highest standards of transparency and accountability,” the organisation said.

SERAP gave the federal government seven days to act on its demands, warning that it would consider legal action if no response is received within the period.