SERAP Demands Tinubu Probe ₦2.9bn Missing from Satellite and Nuclear Agencies
The Socio-Economic Rights and Accountability Project (SERAP) has issued an urgent call for President Bola Tinubu to launch a full-scale investigation into the alleged disappearance or diversion of approximately ₦2.9 billion in public funds from two strategic government agencies—the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA).
The allegations, drawn from the Auditor-General of the Federation’s annual report published on September 9, 2025, paint a disturbing picture of systemic financial mismanagement, opacity, and possible corruption. In a formal letter dated April 11, 2026, SERAP demanded that the President direct the relevant authorities to act within seven days or face legal action.
The Allegations: A Pattern of Systemic Mismanagement
According to SERAP, the Auditor-General's report uncovered a litany of financial infractions at NIGCOMSAT, an agency central to Nigeria's digital economy and communications infrastructure.
The most striking allegation involves ₦465 million paid by NIGCOMSAT for an "unauthorised investment" in Gicell Wireless Ltd. The agency purchased 200,000 ordinary shares in the company, yet Gicell Wireless had an authorised share capital of just one million ordinary shares valued at ₦1.00 each—meaning ₦465 million was paid for shares worth only ₦200,000 at par value. The transaction was carried out without the approvals of the Minister of Science and Technology or the Accountant-General of the Federation. No evidence exists that a competent investment analyst performed any appraisal.
SERAP has demanded that NIGCOMSAT disclose the shareholders and beneficial owners of the company that received this unauthorised payment.
Other financial irregularities at NIGCOMSAT documented by the Auditor-General include:
- Over ₦3.1 million in staff reimbursements paid without due process or supporting documentation
- ₦4.37 million in improper rent payments
- Failure to remit over ₦507.9 million in internally generated revenue to the Consolidated Revenue Fund
- Unrecovered debts exceeding ₦1.68 billion
- ₦84.7 million transferred without justification
- ₦64.7 million in unremitted taxes
The NNRA: Payments for Services Never Rendered
The Nigerian Nuclear Regulatory Authority, entrusted with safeguarding nuclear safety and public protection, fared no better in the Auditor-General's assessment.
Key findings against the NNRA include:
- Over ₦4.35 million paid for training programmes without any evidence that the training actually took place—no participant lists, attendance registers, certificates, or venue details were provided
- Over ₦16.7 million spent on ICT equipment without approval, raising fears that the items may never have been supplied
- ₦33.4 million allegedly paid for items that were never delivered
- ₦15 million spent on programmes without documentation, ₦1.5 million cash advance for branded mugs without due process, and ₦6.5 million in unretired advances
- ₦2.05 million paid for foreign training in Dubai, UAE, without evidence of attendance
In each instance, the Auditor-General expressed fear that the funds may have been diverted or lost.
SERAP's Demands: Prosecution, Recovery, and Transparency
SERAP has called on President Tinubu to take immediate and decisive action. The organisation urged him to direct the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, alongside the management of NIGCOMSAT and the NNRA, to publicly account for the whereabouts of the missing funds.
Additionally, SERAP requested that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and anti-corruption agencies investigate the allegations thoroughly.
“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 stated.
SERAP further demanded that NIGCOMSAT disclose the shareholders and beneficial owners of Gicell Wireless Ltd, the company at the centre of the unauthorised ₦465 million investment.
The organisation warned that if the recommended measures are not taken within seven days of receipt of the letter, SERAP shall consider appropriate legal actions to compel compliance in the public interest.
Why Accountability Matters
In its letter, SERAP emphasised the strategic importance of both agencies, stating that accountability is critical given their roles in Nigeria's digital economy and national safety systems.
“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 group said.
SERAP warned that mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety. “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,” the organisation added.
Reactions and Implications
The SERAP demand has reignited public discourse on corruption within government agencies. Civil society groups have expressed concern that the allegations, if left unaddressed, will continue to undermine public confidence in government institutions and weaken Nigeria's anti-corruption framework.
Stakeholders have noted that the timing of the demand—just months before the 2027 election cycle—adds political weight to the anti-corruption push. Some opposition figures have already seized on the allegations to question the administration's commitment to transparency.
As of press time, the Minister of Communications, Dr. Bosun Tijani, and the management of NIGCOMSAT and the NNRA had not issued formal responses to the allegations. The Attorney-General's office also remained silent on whether any investigation would be initiated.
Conclusion: A Test of the Administration's Anti-Corruption Commitment
The SERAP demand presents a significant test for President Tinubu's administration. With the Auditor-General's report providing clear documentation of financial irregularities totalling nearly ₦3 billion, the government faces mounting pressure to act decisively.
The seven-day ultimatum issued by SERAP expires on April 18, 2026. Whether the administration will order a full-scale investigation, prosecute those found culpable, and recover the missing funds remains to be seen. What is certain, however, is that Nigerians are watching closely, demanding accountability from the agencies entrusted with the nation's digital and nuclear safety infrastructure.
Stay tuned to Unuevbo TV for updates on this developing story and more in-depth reporting on Nigeria's anti-corruption landscape.
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