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SERAP Urges Tinubu To Unveil Defaulting Contractors Over N167bn MDAs’ Fraud
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola 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 disclose the specific names of the companies and contractors who collected over N167 billion from 31 ministries, departments and agencies (MDAs) but failed to execute any projects.”
The SERAP is also seeking “the details of the projects for which the contractors collected N167 billion, and the proposed locations, as well as the number of contractors involved and the amount collected by each contractor.”
Recall that the revelations were documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation.
The SERAP stated, “The details to be published should include the names of shareholders and others that might have any ownership interests in the companies that collected over N167 billion from 31 MDAs but disappeared with the money without executing any projects.”
The SERAP urged Tinubu “to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly bring to justice, as appropriate, any companies and contractors who collected the over N167 billion of public funds but failed to execute any projects.
“To name and shame the companies and contractors and to ensure the recovery of the over N167 billion reportedly collected by them for projects not executed. The recovered money should be fully remitted to the treasury.”
In the letter dated 30 November 2024 and signed by the SERAP’s deputy director, Kolawole Oluwadare, the organisation said: “Publishing the names will make it hard for companies and contractors to get away with complicity in grand corruption.”
The SERAP said, “Holding the companies and contractors who collected over N167 billion from 31 MDAs but disappeared with the money would also prevent and combat waste, fraud, and abuse in the spending of public funds.”
The letter, read in part: “The Nigerian Bulk Electricity Trading Plc., (NBET) alone reportedly paid N100 billion to companies and contractors for projects not executed.
“It is important to show that your government would not shield or allow ingrained wrongdoing by companies and contractors to go unpunished.
“Unless the names of the companies and contractors are disclosed and widely published, alleged corrupt companies and contractors executing public projects will not be deterred and the victims of corruption that they allegedly committed 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 continued to impair, obstruct and undermine access of poor Nigerians to public goods and services.
“According to the 2021 annual audited report by the Auditor-General of the Federation published on Wednesday 13 November 2024, thirty one (31) ministries, departments and agencies (MDAs) paid over N167 billion [N167,592,177,559.40] to companies and contractors for contracts and projects not executed.
“Companies and contractors reportedly collected N100 billion from the Nigerian Bulk Electricity Trading Plc., (NBET) for contracts and projects not executed.
“The thirty other MDAs including Nigerian Correctional Service; National Pension Commission, Abuja; Federal College of Land Resources Technology, Owerri; and Hydrocarbon Pollution Remediation Project (HYPREP) Office.
“Others include: Petroleum Technology Development Fund (PTDF); Federal Ministry of Youth and Sports Development; Federal Medical Centre, Bida, Niger state; National Centre for Women Development; Institute for Peace and Conflict Resolution; National Business and Technical Examinations Board (NABTEB); Federal University of Gasua; and Ministry of Niger Delta Affairs.
“The companies and contractors that allegedly disappeared with public funds meant for public projects may also be liable for aiding and abetting the commission of acts of grand corruption.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.
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“Failure to take punitive and dissuasive measures would allow corrupt companies and contractors to continue to undermine the rule of law and socio-economic development of the country.
“Senior public officials who apparently served as intermediaries for these companies and contractors continue to escape justice. The allegations of corruption involving the use of the public funds may be responsible for the developmental challenges confronting the country and lack of effective and efficient public goods and services.
“The allegations that the companies and contractors collected over N167 billion of public funds from 31 MDAs but failed to execute any projects clearly amount to a fundamental breach of national anticorruption laws and the country’s international anticorruption obligations.
“The consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.
“Another consequence of corruption is the growing inequality in the country, where the privileged few have access to all public resources, while the vast majority of citizens are deprived of access to public services.
“Corruption undermines economic development of the country, trapping the majority of Nigerians in poverty and depriving them of opportunities.
“The Minister of Finance and Coordinating Minister of the Economy and the Accountant-General of the Federation have sacred duties to ensure that natural resources and wealth are transparently and accountably used solely for the purposes for which they are budgeted, and for the effective development of public goods and services.
“Your government has a responsibility to ensure transparency and accountability in how any public funds are spent by MDAs, to reduce vulnerability to corruption and mismanagement.
“The accountability of government to the general public is a hallmark of democratic governance, which Nigeria seeks to practice.
“Ensuring the accountability of companies and contractors and the recovery of any missing public funds would improve public accountability in MDAs.
“Accountability requires transparency. Nigerians’ right to a democratic governance allows them to appreciably influence the direction of government, and have an opportunity to assess progress and assign blame.
“The UN Convention against Corruption to which Nigeria is a state party contains requirements of integrity and honesty in economic, financial or commercial activities-in the public and private sectors.
“It also imposes obligations on the government to ensure that sanctions imposed for corruption on natural and legal persons are effective, proportionate and dissuasive.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their government’s activities.”
NEWS
NNPC Reveals Sokoto Healthcare Intervention as September Profit Hits ₦509bn
The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.
The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.
According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.
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The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.
The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.
NNPC Records ₦509bn September Profit
On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.
The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.
Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.
Crude Oil and Gas Production
The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.
Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.
The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.
Pipeline Infrastructure Records Progress
On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.
The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.
According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.
For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.
NNPC Reports 54% Retail Station Availability
The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.
A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.
NNPC Outlines Strategic Production Efforts
On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.
The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.
These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.
NEWS
Nigeria Must Create Jobs Before Graduates Leave School, Ex-NLC Chief Tells FG
Former General Secretary of the Nigeria Labour Congress (NLC), John Ejoha Odah, has urged the Federal Government to develop a comprehensive employment strategy that provides jobs for young Nigerians before they graduate from educational institutions.
Odah said the government must adopt proactive employment planning by projecting the number of graduates expected to enter the labour market annually and making adequate arrangements to absorb them.
He made the call during an appearance on NTA’s Good Morning Nigeria on Wednesday, where he blamed the country’s persistent unemployment challenge on the failure of successive administrations to sustain national development plans.
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According to him, Nigeria’s political leadership has abandoned young people to their fate by failing to implement deliberate policies that create employment opportunities.
“The fundamental problem that we have in this country is the fact that our ruling elite have abandoned the Nigerian youth to their fate,” Odah said.
He explained that Nigeria previously operated five-year national development plans, which enabled the government to anticipate future employment needs and make arrangements for young people expected to graduate within two to five years.
The former NLC leader traced the worsening unemployment situation to the abandonment of national development plans between the late 1970s and 1985.
He also recalled the establishment of the National Directorate of Employment (NDE), explaining that the agency was created as a stopgap measure to provide employment and self-employment opportunities for young Nigerians.
Odah, however, stressed that the NDE was never intended to serve as the country’s primary driver of employment.
“What we need is a comprehensive employment scheme based on development programmes and industries,” he said.
He further disclosed that during his time in the labour movement, efforts were made to establish a national job summit involving the Ministry of Labour, the International Labour Organisation (ILO) and other government institutions.
According to him, the initiative produced an employment plan presented to the National Executive Council, targeting the creation of at least four million jobs within four years across the federal, state and local governments.
Odah said the proposal was developed around 2005 but was abandoned after the administration under which it was initiated left office.
He expressed concern that Nigeria has yet to establish a coherent employment strategy capable of addressing the needs of young people entering the labour market.
The former labour leader warned that failure to address youth unemployment could further encourage social challenges, including irregular migration, as Nigerians continue to seek better opportunities abroad.
NEWS
Sanusi Lists Tinubu’s Economic Gains, Reveals What Could Restore Nigeria’s 2005 Living Standards
The Emir of Kano, Muhammadu Sanusi II, has highlighted improvements in Nigeria’s economic performance under President Bola Tinubu, saying the administration deserves credit for bringing the country back from the brink of economic collapse.
Sanusi made the remarks at the Oxford Global Think Tank conference, where he assessed the impact of the Tinubu administration’s economic reforms and acknowledged progress in key economic indicators.
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The former Governor of the Central Bank of Nigeria (CBN) pointed to the country’s 4.48 per cent Gross Domestic Product (GDP) growth in the second quarter of 2026, describing it as an improvement compared with the economic performance recorded during the administration of former President Muhammadu Buhari.
According to him, Nigeria’s economy grew by approximately 0.9 per cent during the Buhari years, while the latest growth figures indicate a stronger economic performance.
Sanusi also highlighted the decline in inflation, saying it had dropped from 30 per cent to 14.6 per cent, with projections indicating a possible reduction to 12.5 per cent by the end of 2026.
He further disclosed that Nigeria’s GDP per capita, measured in dollar terms, had increased by 47 per cent since 2023.
The Emir said sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of 2027.
“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.
On the country’s external reserves, Sanusi disclosed that they had reached $55 billion, although he cautioned that a significant portion of the inflows was driven by foreign portfolio investments, which he described as volatile.
He attributed some of the investor interest to high oil prices linked to the conflict around the Strait of Hormuz, alongside the attractive returns available in Nigeria’s financial market.
Sanusi also identified the Dangote Refinery as part of the country’s growing economic diversification, claiming that 20 per cent of Nigeria’s exports were coming from the facility.
According to him, the developments suggest that the country is laying the foundations for economic stability, although more work remains to be done.
“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” Sanusi stated.
He stressed that the progress recorded should be recognised as an initial step towards stability rather than an indication that Nigeria’s economic challenges have been fully resolved.





