The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order a full investigation into the alleged diversion of ₦2.9 billion in public funds from the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA), warning of legal action if the government fails to act within seven days.
In a letter dated April 11, 2026, and signed by SERAP deputy director Kolawole Oluwadare, the organisation urged the President to direct Communications Minister Dr. Bosun Tijani and the managements of both agencies to account for the missing funds, as documented in the Auditor-General’s latest annual report published on September 9, 2025.
SERAP also called on the President to instruct Attorney General and Minister of Justice, Mr. Lateef Fagbemi, SAN, and anti-corruption agencies to investigate the alleged financial irregularities, prosecute any suspects where evidence exists, and ensure full recovery and remittance of all diverted funds to the federation’s treasury.
The most explosive of the allegations concerns a payment of ₦465 million by NIGCOMSAT for 200,000 ordinary shares in Gicell Wireless Ltd — a transaction the Auditor-General described as an “unauthorised investment” made without the approval of the Minister of Science and Technology or the Accountant-General of the Federation.
According to the Auditor-General’s report, NIGCOMSAT claimed Gicell Wireless Ltd had a total capitalisation of US$500 million, but provided no supporting documents and followed no due process. The report further noted that the investment agreement applied an exchange rate of ₦130 to the dollar, despite Gicell being a wholly Nigerian-incorporated company. No investment appraisal by a competent analyst was conducted.
SERAP urged Tinubu to direct NIGCOMSAT to disclose the identities of shareholders and beneficial owners of Gicell Wireless Ltd. “The Auditor-General fears the money may have been diverted,” the group said.
Beyond the Gicell transaction, the Auditor-General’s report catalogues a sweeping pattern of financial misconduct at NIGCOMSAT spanning 2020 and 2021.
The agency allegedly failed to remit ₦507.98 million of its internally generated revenue to the Consolidated Revenue Fund; irregularly transferred ₦84.78 million from a Remita account to a “Special Project” account without authorisation or evidence of utilisation; failed to recover debts totalling ₦1.69 billion, some of which had remained static for more than four years; and did not remit ₦64.73 million in statutory taxes deducted from contractor payments.
Other irregularities include ineligible payments of ₦3.12 million to staff without documentation; a wrongly paid rent of ₦4.37 million for a Lagos office on Awolowo Road, Ikoyi, remitted to the wrong property agent and never refunded; payments of ₦3.49 million to staff for sundry procurement activities without following due process; and a failure to account for ₦6.14 million for store items that were never supplied.
At the Nigerian Nuclear Regulatory Authority, the Auditor-General documented a separate but equally damning trail of alleged financial misconduct covering 2021 and 2022.
The agency allegedly paid ₦4.35 million for staff training in device optimisation and security without any evidence the training took place no attendance registers, no certificates, no venue details or programme completion reports.
The NNRA also paid ₦16.74 million for ICT equipment without approval, with the auditor raising the risk that items were never supplied; spent ₦33.48 million on store items including window blinds, solar inverters, branded mugs and diesel that were never delivered; and disbursed ₦15.03 million for various staff activities without documentation. A further ₦1.5 million was issued as a cash advance for branded mugs without following procurement procedures.
In the 2022 period, the NNRA paid ₦9.1 million for store items — including printer ribbons and pumping machines — that were never supplied; failed to retire ₦6.5 million in cash advances granted to six members of staff; paid ₦2.05 million in course fees for two officers to attend a Dubai executive development programme, with no evidence they attended; and collected ₦1.95 million in penalty fees through Remita that were never recorded in the agency’s cashbook, understating its revenue for the year.
SERAP described the cumulative findings as evidence of “a systemic pattern of financial mismanagement, opacity, and corruption” within agencies entrusted with critical national infrastructure.
“Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems,” the organisation said. “Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety.”
The rights group warned that failure to act would “continue to undermine public confidence in government institutions, weaken Nigeria’s anti-corruption framework, and deprive citizens of resources needed for development.”
SERAP said it would seek judicial intervention if the government fails to respond within seven days of the letter’s receipt or publication.
About The Author
