SERAP Demands Probe into N2.9bn Agency Fraud
The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to investigate the suspected diversion of ₦2.9 billion at two federal agencies. The demand targets the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA). SERAP cited findings from a 2025 Auditor-General report detailing systemic financial mismanagement. The group gave the presidency seven days to act before initiating legal proceedings.
NIGCOMSAT faces the most serious allegations regarding a ₦465 million “unauthorised investment” in a private firm. Auditors found no evidence that the agency sought approval from the Minister of Science and Technology or the Accountant-General. The investment in Gicell Wireless Ltd reportedly lacked a professional appraisal or clear valuation. SERAP now wants the government to reveal the beneficial owners of the company that received these public funds.
The report also flagged significant revenue leakages within the satellite agency. NIGCOMSAT allegedly failed to remit over ₦507 million in internally generated revenue to the federal treasury. Further discrepancies include ₦84.78 million transferred to a “special project” account without a clear paper trail. Smaller irregular payments were also noted, such as ₦3 million in undocumented staff bonuses and ₦4.3 million in unrecovered rent.
The NNRA also struggled to justify its spending, according to the audit. The nuclear regulator reportedly spent ₦33.4 million on equipment that vendors never delivered. Another ₦4.35 million went toward training programmes that auditors believe never took place. These lapses raise questions about the safety standards of an agency tasked with managing radioactive materials. Financial opacity in such a sensitive sector poses a direct threat to national security.
President Tinubu has been urged to direct the Attorney General to prosecute any officials found culpable. SERAP argues that the missing funds should be fully recovered and returned to the public purse. The organisation believes these breaches violate both Nigerian anti-corruption laws and international obligations. It maintains that accountability is essential to protect Nigeria’s digital economy and technological progress.
Nigeria’s public institutions have a long history of ignoring the Auditor-General’s red flags. This latest report highlights a familiar pattern of unretired cash advances and ICT procurement fraud. Without swift executive intervention, these agencies will likely continue to operate outside the bounds of financial regulation. The credibility of the current administration’s anti-graft stance rests on its response to these specific, documented failures.