December 1, 2024
By Idris Buba
For accountability and to ensure companies that defrauded government do not go scot free, the Socio-Economic Rights and Accountability Project, SERAP, has challenged President Bola Tinubu “to direct the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun and the Accountant-General of the Federation, Oluwatoyin Sakirat Madein to expose the companies and contractors that collected over N167 billion from 31 Ministries, Departments and Agencies, MDAs, for unexecuted projects.
SERAP also demanding “the details of the allocated projects for which the contractors collected the N167 billion, the proposed locations and number of contractors involved as well as the amount collected by each contractor.
These damning revelations are documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation.
SERAP, demands that “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.”
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SERAP urged president Tinubu “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 allocated.
In it statement, SERAP, said “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.”
“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 are, 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.”
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“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.”
“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 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.”
