Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the Accountant-General of the Federation, Oluwatoyin Madein to disclose the names of the companies and contractors who collected over N167 billion from 31 Ministries, Departments and Agencies (MDAs) but failed to execute any projects.
In the letter dated 30 November 2024 and signed by SERAP 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.”
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.”
The revelations are documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation.
SERAP said, “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.”
SERAP urged him “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.”
SERAP also urged him “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.”
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.”
