Reveal identities of Companies, contractors who disappeared with N167bn Govt money – Group tells Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, to publicly reveal the identities of the companies and contractors who were paid more than N167 billion by 31 federal ministries, departments, and agencies (MDAs), but failed to carry out any of the promised projects.

In addition, SERAP is demanding full transparency regarding the specific projects for which these funds were allocated, including their proposed locations, the contractors involved, and the amounts each contractor received.

These alarming findings are highlighted in the recently released 2021 audit report by the Office of the Auditor-General of the Federation.

According to SERAP, the information should also include the names of shareholders and individuals with ownership stakes in the companies that received the funds but left the projects unexecuted.

SERAP has urged President Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, as well as relevant anti-corruption agencies, to swiftly bring to justice any companies or contractors who misappropriated public funds.

The organization is also calling for these contractors to be publicly named and shamed, and for the full recovery of the N167 billion, which should be returned to the public treasury.

In a letter dated November 30, 2024, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization stressed that revealing the names of the guilty parties would expose their involvement in large-scale corruption and deter future abuses.

By holding these companies and contractors accountable, SERAP argues, the government would send a strong message that public funds will no longer be squandered through waste, fraud, and mismanagement.

The letter reads 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.

“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.”