Abuja, April 12, 2026 – The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to investigate the alleged missing or diverted ₦2.9 billion from the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA).
It urged the president to direct Lateef Fagbemi, the Attorney General of the Federation and Minister of Justice, and anti-corruption agencies to investigate the alleged missing funds.
SERAP disclosed this n Sunday in a statement signed by Kolawole Oluwadare, its Deputy Director. It said it made the call in a letter in a letter dated April 11, 2026.
According to SERAP, the allegations were contained in the latest annual report published by the Auditor-General on September 9, 2025.
It said the allegations, involving critical public institutions, represented a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations.
“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,” it said.
SERAP said the allegations also suggested 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.
“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 capitalisation 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, but the payment was made to a wrong property agent.
“NIGCOMSAT requested a refund of rent of ₦4,371,428.58 wrongly paid to a consultant, but there was no evidence that the consultant refunded the money.
“The Auditor-General fears the money may have been diverted.’
“NIGCOMSAT also paid over ₦3.4 million [₦3,485,000.00] to its staff members between February and December 2020 for the installation of vertical curtains, media campaign, design of logo brand, production of business card for marketing staff, etc.
“But the payment was made without following due process and procurement procedures.
“The Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury.
“The Auditor-General noted that the above alleged diverted public funds by NIGCOMSAT covered the periods of January 2020 to December 2020.
“NIGCOMSAT reportedly failed to remit over ₦507 million [₦507,980,087.33] of its internally generated revenue to the Consolidated Revenue Fund.
“The Auditor-General fears the money may have been diverted. He wants the money plus all accrued interests recovered and remitted to the treasury.
“NIGCOMSAT failed to account for ‘over ₦6 million [₦6,138,113.59] being payment for store items that were never supplied.
“The Auditor-General fears the money may have been diverted. He wants the money recovered and remitted to the treasury.”
“NIGCOMSAT also irregularly transferred over ₦84 million [₦84,780,260.99] from REMITTA account to an account named Special Project account at different times during the year 2021, but ‘without any 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 31st 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.
“NNRA failed to retire over ₦6 million [₦6,501,163.43] of cash advances granted to six staff in 2022 for the purchase of various items, payment of electricity bills and servicing of meetings.
“The Auditor-General fears ‘the money may have been diverted.”
SERAP also alleged that the Nigerian Communications Satellite Ltd (NIGCOMSAT) 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.
SERAP alleged that the NNRA paid over ₦4 million [₦4,350,400.00] for training of its officers in device optimisation and security, basic training for frontline officers between March and June 2021 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 are risks that the payments were for items not supplied. The Auditor-General fears ‘the money may have been lost.”
