SERAP Demands Investigation into N2.9bn Missing Funds

The Socio-Economic Rights and Accountability Project (SERAP) has demanded an investigation into the alleged misappropriation of N2.9 billion involving the Nigerian Communications Satellite Limited (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA). In a letter dated April 11, 2026, signed by Deputy Director Kolawole Oluwadar, SERAP urged President Bola Tinubu to direct the Minister of Communications and Digital Economy, Bosun Tijani, to ensure the agencies explain the alleged discrepancies.

The organization also called on Attorney General and Minister of Justice, Lateef Fagbemi, and anti-corruption agencies to probe the matter and recover the missing funds. Allegations include unauthorized investments of N465 million by NIGCOMSAT, payments made without due process, unremitted revenues exceeding N507 million, and uncollected debts of N1.6 billion.

Similarly, the NNRA faces accusations of multiple irregular payments, including unverifiable training funds and unretired cash advances from 2021 to 2022. SERAP highlighted that these issues reflect systemic mismanagement and potential corruption, warning that failure to act could erode public trust and hinder national development.