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The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian Government to probe the ₦2.9 billion linked to the Nigerian Communications Satellite (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA).
“We’ve urged President Bola Tinubu to direct @bosuntijani, Minister of Communications, Innovation and Digital Economy, and the Management of both the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA) to account for and explain the whereabouts of the alleged missing or diverted ₦2.9 billion of public funds from NIGCOMSAT and NNRA,” SERAP wrote in a statement issued on Sunday.
According to SERAP, NIGCOMSAT failed to account for over ₦465 million, which it described as an unauthorised investment in Gicell Wireless Ltd, adding that NIGCOMSAT paid the ₦465 million for 200,000 ordinary shares in Gicell Wireless Ltd.
The rights group revealed that 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,” SERAP noted.
“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’,” the rights group added.
SERAP added that NIGCOMSAT made ineligible, irregular and wrong payments of over ₦3,122,690 to staff, which were spent on reimbursable expenses to staff, without due process and any documents on what the payments were meant for, as well as irregular and wrong payment of rent of over ₦4,371,428.58 for the 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 and 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,” SERAP added.
“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.”
According to SERAP, the Auditor-General’s latest report alleges significant financial irregularities in both NIGCOMSAT and NNRA for 2020–2022. In NIGCOMSAT, issues include the alleged failure to remit over ₦507 million in internally generated revenue to the Consolidated Revenue Fund, non-accounting for about ₦6.1 million for undelivered store items, and an irregular transfer of about ₦84.7 million from a Remita account to a “Special Project” account without clear justification or evidence of expenditure.
The agency is also accused of failing to recover debts totalling about ₦1.6 billion and not remitting over ₦64 million in statutory taxes deducted from contractors.
For the NNRA, the report highlights alleged payments without supporting documentation, including ₦4.3 million for training with no evidence of its occurrence, ₦16.7 million for ICT equipment without approval, and ₦33.4 million for store items reportedly not supplied.
It also cites ₦15 million spent on various activities without records, ₦1.5 million advanced for the procurement of branded items without proper procedures, and over ₦6.5 million in unretired cash advances. Additional concerns include ₦2.05 million spent on foreign training with no evidence of participation and ₦1.95 million in penalty fees not properly recorded in official accounts.
The Auditor-General expressed concern that several transactions lacked documentation, violated procurement procedures, or showed signs of possible diversion or mismanagement of public funds, and called for recovery, accountability, and remittance to the treasury.
