SERAP Urges Tinubu To Probe Alleged ₦2.9 Billion Missing Funds In NIGCOMSAT, NNRA

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct relevant authorities to investigate the alleged diversion or disappearance of about ₦2.9bn from the Nigerian Communications Satellite Limited and the Nigerian Nuclear Regulatory Authority.

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Naija News reports that SERAP made the call in a letter dated April 11, 2026, signed by its Deputy Director, Kolawole Oluwadare, asking the President to ensure accountability in the two agencies over funds reportedly flagged in the latest report of the Auditor-General of the Federation.

The organisation asked Tinubu to instruct the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, alongside the management of NIGCOMSAT and the NNRA, to explain the whereabouts of the funds.

SERAP also urged the President to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate the allegations and ensure that anyone found culpable is prosecuted.

“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” the organisation said.

SERAP said the allegations were contained in the Auditor-General’s annual report published on September 9, 2025.

According to the group, the findings raise concerns about financial mismanagement and lack of transparency within the agencies.

“These allegations, involving critical public institutions, represent a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations,” the letter stated.

The organisation added that accountability in the agencies was vital because of their strategic roles in Nigeria’s digital economy and national safety systems.

“Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress and public safety,” it added.

The organisation specifically cited an alleged ₦465m “unauthorised investment” made by NIGCOMSAT in Gicell Wireless Ltd.

According to the Auditor-General’s report, the agency purchased 200,000 shares in the company without the approval of the Minister of Science and Technology and the Accountant-General of the Federation.

SERAP said the investment was reportedly made without proper documentation or due process.

“There was also no evidence that a competent investment analyst performed an appraisal,” the report noted, adding that the funds might have been diverted.

The group therefore urged the government to compel NIGCOMSAT to disclose the shareholders and beneficial owners of the company involved in the transaction.

The organisation also raised concerns about financial transactions within the NNRA.

According to the Auditor-General’s report, the agency paid over ₦4.35m for training programmes without evidence that the training actually took place.

“The NNRA failed to provide details such as the list of participants, attendance register, certificates of attendance, venue details and programme completion reports,” SERAP said.

The agency was also said to have paid over ₦16m for ICT equipment without approval, raising fears that the items may not have been supplied.

SERAP Threatens Legal Action

SERAP urged the President to act within seven days of receiving the letter or risk legal action.

“If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government, NIGCOMSAT and NNRA to comply with our request in the public interest,” the organisation said.

The group warned that failure to address the allegations could weaken Nigeria’s anti-corruption framework and erode public trust in government institutions.