Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to disclose the names of companies and contractors who allegedly collected over N167 billion from 31 ministries, departments, and agencies (MDAs) without executing any projects.

This demand follows revelations in the 2021 audited report by the Office of the Auditor-General of the Federation.

In a letter dated November 30, 2024, SERAP Deputy Director Kolawole Oluwadare requested that President Tinubu direct the Minister of Finance, Olawale Edun, and the Accountant-General, Oluwatoyin Sakirat Madein, to reveal details of the alleged sum.

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SERAP also seeks information on project details, locations, number of contractors involved, and amounts collected by each contractor.
The organization emphasized that publishing the names of companies and contractors involved would prevent them from escaping accountability for grand corruption. SERAP urged President Tinubu to direct the Attorney General, Lateef Fagbemi, and anti-corruption agencies to bring perpetrators to justice and recover the embezzled funds.
Among the 31 MDAs implicated are the Nigerian Bulk Electricity Trading Plc.

(NBET), Nigerian Correctional Service, National Pension Commission, and Federal Ministry of Youth and Sports Development. The Nigerian Bulk Electricity Trading Plc. alone reportedly paid N100 billion to companies and contractors for unexecuted projects.
SERAP stressed that failure to take punitive measures would allow corrupt companies and contractors to continue undermining the rule of law and socio-economic development. The organization warned that corruption exposes citizens to additional costs, perpetuates inequality, and hinders economic development.