SERAP Urges Tinubu to Probe Alleged N2.9bn Missing Funds in Satellite Agency

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order a comprehensive investigation into the alleged disappearance or diversion of N2.9 billion in public funds involving the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA).

The organisation also urged the President to direct the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, as well as the management of both agencies, to account for the missing funds.

In a letter dated April 11, 2026, and signed by its Deputy Director, Kolawole Oluwadare, SERAP further called on the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside anti-corruption agencies, to probe the allegations and prosecute anyone found responsible.

SERAP stated that the allegations were drawn from the Auditor-General’s report published on September 9, 2025, describing them as a serious breach of public trust and Nigeria’s anti-corruption laws.

“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.

The organisation stressed that ensuring accountability in NIGCOMSAT and NNRA is essential, given their strategic roles in Nigeria’s digital economy and national safety systems.

SERAP also demanded that NIGCOMSAT disclose the shareholders and beneficial owners of a company that allegedly received N465 million as an “unauthorised investment.”

It warned that failure to act within seven days would lead to legal action.

“We would be grateful if the recommended measures are taken within seven days… If we have not heard from you by then, SERAP shall consider appropriate legal actions,” the statement read.

According to SERAP, the Auditor-General’s report highlighted several financial irregularities at NIGCOMSAT, including a N465 million investment in Gicell Wireless Ltd without the necessary approvals. The report noted that despite the company’s authorised share capital being one million ordinary shares of N1 each, it received N465 million for 200,000 shares.

The report also found no evidence of proper investment appraisal or approval from relevant authorities.

Other alleged infractions at NIGCOMSAT include N3.1 million in undocumented staff reimbursements, N4.37 million in rent discrepancies, and N3.48 million spent on branding and marketing without procurement approval.

Additionally, the agency reportedly failed to remit over N507.9 million in internally generated revenue to the Consolidated Revenue Fund. Other issues cited include N1.68 billion in unrecovered debts, N84.7 million transferred without justification, and N64.7 million in unremitted taxes.

At the NNRA, SERAP said the Auditor-General flagged multiple questionable payments lacking documentation or evidence of execution. These include N4.35 million for training without proof it occurred, N16.7 million spent on ICT equipment without approval, and N33.4 million allegedly paid for items not supplied.

Further concerns include N15 million spent on undocumented programmes, N1.5 million advanced for branded mugs without due process, and N6.5 million in unretired advances.

The report also cited N2.05 million spent on foreign training in Dubai without evidence of attendance, as well as N1.95 million in penalty revenue that was not properly recorded.

In several instances, the Auditor-General warned that the funds may have been diverted or lost.

SERAP insisted that all those found culpable must be prosecuted and the missing funds recovered, emphasising that public officials must be held to the highest standards of transparency and accountability.

The organisation added that failure to take action could further erode public trust and weaken Nigeria’s anti-corruption efforts.