The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to disclose the names of the companies and contractors who collected over N167 billion from 31 ministries, departments, and agencies (MDAs) without executing any projects.
SERAP is specifically asking President Tinubu to direct the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, to identify the contractors and also recover the stolen funds.
The civil society organisation is further seeking details of the projects for which the contractors received N167 billion, including the proposed locations, the number of contractors involved, and the amount ech contractor collected.
SERAP, which made the demands in an open letter dated November 30, 2024, and signed by its Deputy Director Kolawole Oluwadare, claimed that the revelations are documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation.
It also wants the government to publish details, including the names of shareholders and others with ownership interests in the companies that collected over N167 billion from 31 MDAs but failed to execute any projects.”
Furthermore, SERAP urged Tinubu to instruct Fagbemi and relevant anti-corruption agencies to promptly bring to justice any companies and contractors who misappropriated over N167 billion of public funds without carrying out any projects.
The organisation maintained that the published names will deter companies and contractors from engaging in grand corruption in the future.
SERAP stated that holding accountable companies and contractors who misappropriated over N167 billion from 31 MDAs will help prevent waste, fraud, and abuse in public funds spending.
The letter also noted, “Nigerian Bulk Electricity Trading Plc. (NBET) alone reportedly paid N100 billion to various companies and contractors for never-executed projects.
“It is crucial to demonstrate that your government will not shield or allow the wrongdoing of companies and contractors to go unpunished.
“Unless the names of the companies and contractors are disclosed and widely publicised, alleged corrupt firms executing public projects will not be deterred, and the victims of their corruption will continue to be denied access to justice and effective remedies.
“The allegations of corruption involving many companies and contractors who collected over N167 billion from 31 MDAs have significantly impaired and obstructed access to public goods and services for poor Nigerians.
“In the 2021 annual audited report by the Auditor-General of the Federation, published on November 13, 2024, thirty-one (31) ministries, departments, and agencies (MDAs) paid over N167 billion [N167,592,177,559.40] to contractors for contracts and projects that were never executed.
“Companies and contractors reportedly collected N100 billion from the Nigerian Bulk Electricity Trading Plc. (NBET) for contracts and projects that were not completed.
“The thirty other MDAs involved include the Nigerian Correctional Service, the National Pension Commission in Abuja, the Federal College of Land Resources Technology in Owerri, and the Hydrocarbon Pollution Remediation Project (HYPREP) Office.
“Additional entities include the Petroleum Technology Development Fund (PTDF), the Federal Ministry of Youth and Sports Development, the Federal Medical Centre in Bida, Niger State, the National Centre for Women Development, the Institute for Peace and Conflict Resolution, the National Business and Technical Examinations Board (NABTEB), the Federal University of Gusau, and the Ministry of Niger Delta Affairs.
“The companies and contractors who allegedly vanished with public funds intended for these projects may also be liable for aiding and abetting acts of grand corruption.
SERAP concluded, “We would appreciate it if the recommended measures are taken within seven days of receiving or publishing this letter. If we do not hear back by then, SERAP will take all appropriate legal actions to compel your government to comply with our request in the public interest.
“Failure to implement punitive and dissuasive measures would allow corrupt companies and contractors to continue undermining the rule of law and the country’s socio-economic development.
“Senior public officials who served as intermediaries for these companies and contractors continue to escape justice. The ongoing allegations of corruption involving public funds may be contributing to the developmental challenges faced by the country and the lack of effective and efficient public services.”
