JUST IN : SERAP URGES TINUBU TO PROBE ₦2.9BN MISSING IN COMMUNICATIONS SATELLITE AND NUCLEAR REGULATORY AGENCIES

By: Muftau Fatimo

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, as well as the management of the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA), to account for and clarify the alleged disappearance or diversion of ₦2.9 billion in public funds.

SERAP also urged the President to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), alongside relevant anti-corruption agencies, to investigate the alleged missing funds and other questionable expenditures flagged in previous Auditor-General reports involving the two agencies.

The organisation further asked that NIGCOMSAT disclose the shareholders and beneficial owners of a company that allegedly received ₦465 million in “unauthorised investment” from the agency.

It stressed that any individuals found culpable should be prosecuted where there is sufficient evidence, while all diverted or missing public funds should be fully recovered and returned to the national treasury.

The allegations were contained in the latest Auditor-General’s annual report published on September 9, 2025.

In a letter dated April 11, 2026, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation described the claims as a serious breach of public trust and a violation of Nigeria’s anti-corruption laws and international commitments.

SERAP said, “Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems. Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety.”

According to SERAP, “Ensuring accountability is therefore essential to protecting both Nigeria’s present and its future.”

The letter, read in part: “These grave allegations suggest a systemic pattern of financial mismanagement, opacity, and corruption within an agency entrusted with advancing Nigeria’s digital and communications infrastructure.”

“The allegations also raise serious questions about compliance with basic financial regulations and procurement standards in an agency responsible for nuclear safety and public protection.”

“Any official or agency entrusted with public resources must be held to the highest standards of transparency and accountability. Nigerians have a right to know how their money is spent.”

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government, NIGCOMSAT and NNRA to comply with our request in the public interest.”

“These allegations, if left unaddressed, will continue to undermine public confidence in government institutions, weaken Nigeria’s anti-corruption framework, and deprive citizens of resources needed for development.”

“The Nigerian Communications Satellite Ltd (NIGCOMSAT), Abuja failed to account for over ₦465 million [₦465,000,000.00], ‘being unauthorised investment in Gicell Wireless Ltd. NIGCOMSAT ‘paid the ₦465 million for 200,000 ordinary shares in Gicell Wireless Ltd.”

“Gicell Wireless ‘had an authorised share capital of One million ordinary shares of ₦1.00 each.’ The purported ‘strategic investment was made without the approvals of the Minister of Science and Technology and the Accountant-General of the Federation.’ NIGCOMSAT claimed that ‘the total capitalization of Gicell Wireless Ltd was US$500 million’, but without any documents and due process.”

“There was also ‘no evidence that a competent Investment Analyst performed investment appraisal.’ Also, ‘the investment agreement revealed that the payment [consideration] was calculated based on a currency exchange rate of ₦130.00 to US$1.00’, but ‘the company is a wholly owned Nigerian company.’ The Auditor-General fears ‘the money [₦465 million] may have been diverted.’”

“NIGCOMSAT also made ‘ineligible, irregular and wrong payments of over ₦3 million [₦3,122,690.00] to staff.’ The money was ‘spent on reimbursable expenses to staff’, but ‘without due process and any documents on what the payments were meant for.’ The Auditor-General fears ‘the money may have been diverted.’”

“NIGCOMSAT made ‘irregular and wrong payment of rent of over ₦4.3 million [₦4,371,428.58] for Lagos regional office. A 3-bedroom flat ‘situated at No Awolowo Road, Ikoyi, Lagos was leased to NIGCOMSAT as the Lessee and another consultant as the Lessor for the period of two years between 2016 to 2018 for ₦10,395.000.”

The report further stated that the rent payment was allegedly made through a wrong property agent. NIGCOMSAT reportedly sought a refund of ₦4,371,428.58 paid in error to a consultant, but there was no evidence that the funds were returned. The Auditor-General raised concerns that the money may have been diverted.

In another instance, the agency was said to have spent over ₦3.4 million between February and December 2020 on items such as the installation of vertical blinds, media campaigns, logo design, and production of business cards for marketing staff. However, the payments were allegedly made without adherence to due process or procurement regulations, prompting concerns of possible diversion of public funds. The Auditor-General recommended recovery and remittance of the funds to the treasury.

The report also noted that the alleged infractions occurred between January and December 2020.

Additionally, NIGCOMSAT was accused of failing to remit over ₦507 million in internally generated revenue to the Consolidated Revenue Fund, with concerns raised that the funds may have been diverted. The Auditor-General directed that the principal amount, along with any accrued interest, be recovered and paid into the treasury.

The agency also failed to account for more than ₦6.1 million spent on store items that were reportedly never supplied, raising further suspicions of misappropriation.

Furthermore, NIGCOMSAT was said to have irregularly transferred over ₦84 million from its REMITA account to a Special Project account on several occasions in 2021, without any clear justification or approved basis.

“There was also ‘no evidence of how the transferred funds were spent or utilized, to validate the genuineness of the transferred funds.’  The Auditor-General fears ‘the money may have been diverted.’”

“NIGCOMSAT failed to ‘recover debts totalling over ₦1.6 billion [₦1,686,453,686.00].’ Some of ‘the reported debts had been static for more than 4 years.’”

“The Auditor-General wants ‘NIGCOMSAT to account for the money, provide the evidence of actions taken and the amount recovered out of the outstanding debts, and forward evidence of remittance.’”

“NIGCOMSAT ‘failed to remit over ₦64 million [₦64,727,215.00] of statutory taxes deducted from payments made to various contractors and other beneficiaries as at 31^st December, 2020.’ The Auditor-General fears ‘the money may have been lost.’”

“The Auditor-General noted that the above alleged diverted and lost public funds in NIGCOMSAT covered the periods of January 2021 to December 2021.”

“The Nigerian Nuclear Regulatory Authority (NNRA), Abuja ‘paid over ₦4 million [₦4,350,400.00] for training of its officers in device optimization and security, basic training for frontline officers between March and June 2021’, but ‘without any documents and evidence that the training actually took place.’”

“The NNRA also ‘failed to provide any details such as the list of participants, attendance register, certificate of attendance, details of venue and programme completion reports.’ The Auditor-General fears ‘the money may have been diverted.’”

“NNRA ‘paid over ₦16 million [₦16,736,675.00] for ICT equipment but without any approval. There ‘risks that the payments were for items not supplied.’ The Auditor-General fears ‘the money may have been lost.’”

“NNRA also ‘paid over ₦33 million [₦33,480,898.00] for store items such as window blinds, solar inverters, branded mugs, purchase of diesel, etc’, but the items were never supplied. The Auditor-General fears ‘the money may have been diverted.’”

“NNRA ‘paid over ₦15 million [₦15,026,098.00] for activities such as induction of SERVICOM desk officers, zonal sensitization of NNRA staff, strategic revenue growth programme, coding of items, but without any documents.’ The Auditor-General fears ‘the money may have been diverted.’”

“NNRA also ‘spent ₦1.5 million [₦1,500,000.00] as cash advance to a staff to purchase branded mugs for the agency, but without following the procurement procedures.’ The Auditor-General fears ‘the money may have been diverted.’”

“The Auditor-General noted that the above alleged diverted and lost public funds in NNRA covered the periods of January 2021 to December 2021.”

“NNRA also ‘paid over ₦9 million [₦9,097,125.00] to buy store items such as ribbons and films for the printing of ID cards, pumping machines, toner cartridges, etc, but without any documents. The ‘items were never supplied.’ The Auditor-General fears ‘the money may have been diverted.’”

The report also stated that the Nigerian Nuclear Regulatory Authority (NNRA) failed to retire cash advances totaling over ₦6.5 million issued to six staff members in 2022 for the purchase of items, payment of electricity bills, and meeting-related expenses. The Auditor-General raised concerns that the funds may have been diverted.

NNRA was further accused of paying over ₦2 million in course fees for two officers to attend an International Executive Development programme in Dubai, without any evidence that the officials actually participated in the training. The Auditor-General warned that the expenditure may have been lost.

In another case, the agency reportedly collected about ₦1.95 million via Remita as penalty fees in 2022, but failed to record the amount in its cashbook, leading to an understatement of its revenue for the year. This raised concerns over possible loss of government revenue.

The Auditor-General directed NNRA to properly account for the funds and provide evidence that all transactions were accurately captured in its cashbook for the period under review, warning that failure to do so could attract sanctions for revenue mismanagement and misconduct.

The alleged financial irregularities were said to have occurred between January and December 2022.