News
SERAP Sues Buhari over ‘Missing N11 Trillion Electricity Fund’
Socio-Economic Rights and Accountability Project (SERAP) has sued President Muhammadu Buhari “for failing to investigate allegations that over N11 trillion meant to provide regular electricity supply since 1999 may have been stolen, mismanaged, or diverted into private pockets.
SERAP is seeking “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has allegedly been squandered by governments since 1999” in the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court in Lagos.
According to reports, the electricity grid has failed at least three times in the past five months and 130 times in the past seven years, leaving many homes in the country in the dark.
The World Bank estimates that Nigerian businesses lose $29 billion annually due to epileptic power supply.
SERAP is also seeking “an order of mandamus to compel President Buhari to ensure the prosecution of anyone suspected to be responsible for the missing electricity fund, as appropriate, and to ensure the tracing and full recovery of any missing public funds.”
SERAP is arguing that, “It is in the public interest to ensure justice and accountability for alleged corruption and mismanagement in the electricity sector, which has resulted in the failure of governments to solve Nigeria’s perennial power problem.”
According to SERAP, “The staggering amounts of public funds alleged to have been stolen over the years in the sector have had catastrophic effects on the lives of millions of Nigerians, akin to crimes against humanity against the Nigerian people.”
SERAP is arguing that, “The failure to trace, find and recover the missing electricity fund is antithetical to the public interest, the requirements of the Nigerian Constitution 1999 [as amended], and the country’s international obligations.”
SERAP is also arguing that, “Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the electricity sector–staying in darkness, but still made to pay crazy electricity bills.”
SERAP is also arguing that, “Investigating the allegations of missing N11 trillion electricity funds, prosecuting suspected perpetrators and recovering any missing public funds would end a culture of impunity. It would also address persistent collapse of the electricity grid, and improve access to and affordability of electricity in the country.”
SERAP is also arguing that, “Corruption in the electricity sector and the lack of transparency and accountability in the use of public funds to support the operations of DISCOS have resulted in regular blackouts, electricity grid collapse, and unlawful hike in electricity tariffs.”
SERAP is also seeking “an order of mandamus to direct and compel President Buhari to refer to the International Criminal Court all unimplemented reports of corruption in the electricity sector gathering dust on the shelves, and to arrest and surrender those named in the reports to the court for prosecution.”
Joined in the suit as Respondent is Mr Abubakar Malami, SAN, Attorney General of the Federation and Minister of Justice.
The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Ms Adelanke Aremo, read in part: “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. These commitments ought to be fully upheld and respected.”
“Corruption in the electricity sector has also continued to disproportionately affect the most disadvantaged and vulnerable sectors of the population who cannot readily afford expensive generators in order to have a reliable power supply.”
“The failure of successive governments and high-ranking government officials to prevent corruption in the electricity sector and to bring suspected perpetrators to justice is the primary cause of the persistent crisis in the electricity sector, including the exploitation of electricity consumers, and collapse of the electricity grid.”
“The African Commission on Human and Peoples’ Rights has adjudged the failure of the States to provide basic services such as electricity as violating the right to health.”
“Citizens are frustrated at persistent allegations of corruption in the sector, and the impacts on their human rights. Prosecuting perpetrators would address the grave travesty that has for many years occurred in the power sector.”
“Impunity for corruption in the electricity sector has for many years forced ordinary Nigerians to stay in darkness, but still made to pay crazy electricity bills.”
“Successive governments have failed to increase power generation and provide Nigerians with regular and uninterrupted electricity supply, with many electricity contracts shrouded in secrecy, and trillions of Naira going down the drain.”
“Impunity for corruption in the electricity sector will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”
“The Buhari administration has legal obligations under Section 15(5) of the Nigerian Constitution to abolish all corrupt practices and abuse of power, and article 26 of the UN Convention against Corruption to ensure effective prosecution of allegations of corruption.”
“Alleged corruption and mismanagement in the electricity sector and the repeated collapse of the electricity grid have continued to deprive Nigerians of economic opportunities, subjecting them to cruel and degrading treatment.”
“Under Section 16(1) of the Constitution, the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“The failure by successive governments to tell Nigerians the truth about allegations of corruption in the power sector amounts to a failure to ensure that electricity services are progressively made available, on the basis of equality and non-discrimination.”
“The details of the missing N11 trillion electricity funds are contained in a SERAP report titled: From Darkness to Darkness: How Nigerians are paying the Price for Corruption in the Electricity Sector.”https://www.tvcnews.tv/2022/06/governor-sanni-bello-gives-out-deputys-daughter-in-marriage/
“According to the report, the total estimated financial loss to Nigeria from corruption in the electricity sector starting from the return to democracy in 1999 to date is over N11 trillion. This represents public funds, private equity and social investment (or divestments) in the power sector.”
“It is estimated that the loss may reach over N20 trillion in the next decade given the rate of Government investment and funding in the power sector amidst dwindling fortune and recurrent revenue shortfalls.”
No date has been fixed for the hearing of the suit.
African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.
The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.
While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.
The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.
Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.
Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.
Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.
By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.
Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.
The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.
Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.
Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.
Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.
For too long, the story of Nigeria has been told by foreigners or shaped by people who don’t truly understand our spirit; This Is Nigeria is a movement changing that. We are putting the power back into the hands of Nigerians to tell our stories from our perspectives.
Our mission is simple: to change how the world sees us by sharing the positive, impactful stories of our land and its people.
Today, we are officially launching “The 36: Nigeria Unscripted”. This series will travel through every single state in the country, starting with our pilot season in Lagos. We want to show the world the true drive, food, diversity, culture, and innovation that define Nigerians at home.
“The 36: Nigeria Unscripted” takes a deep dive into the history, people, landmarks, and investment potential that make each state unique. Instead of focusing on the usual headlines, we are highlighting the real people building businesses, creating new technologies, making scientific breakthroughs, and leading cultural shifts here and across the globe.
The Kick-Off
The journey begins in Lagos. Over the next two weeks, our crew will be on the streets filming the vibrant energy of the city. This is a “boots-on-the-ground” look at what Nigerian innovation actually looks like today.
Alongside the series, we are also launching a Global Desk. This is a dedicated space to find and share stories of Nigerians living abroad who are making us proud with that signature Nigerian excellence.
How We Are Different
Most Nigerian travel content usually falls into two categories: it’s either a refined ad that ignores reality, or it focuses only on struggle while ignoring achievements.
This Is Nigeria rejects both. Our campaign gives you a behind-the-scenes look at the real passion and effort that fuel our success.
For more information or to share your story, visit www.thisis-nigeria.com.
Federal Capital Territory (FCT) High Court in Abuja has ordered the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP) to pay N100 million in damages to two operatives of the Department of State Services (DSS) over defamation.
SERAP
Justice Yusuf Halilu delivered the judgment in a suit filed by two DSS operatives, Sarah John and Gabriel Ogundele, who accused SERAP of making false and defamatory claims against them.
The claimants had approached the court following a series of posts published by SERAP on its X handle on Sept. 9, 2024, alleging that DSS officers unlawfully invaded and occupied its Abuja office.
In the posts, SERAP claimed that officers of the State Security Service had stormed its office and were demanding to see its directors.
“Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors. President Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians,” the organisation had posted.
However, in his judgment, Justice Halilu held that the allegations made by SERAP were false and defamatory, adding that the two DSS operatives were justified in instituting legal action to protect their reputations.
The court consequently awarded N100 million in damages against SERAP in favour of the claimants.
Justice Halilu also ordered SERAP to issue a public apology to the two DSS operatives.
According to the judgment, the apology must be published in two national newspapers and aired on two television stations.
In addition, the court awarded N1 million against SERAP as the cost of litigation.
The court further ruled that the judgment sum would attract 10 per cent interest annually until the full amount is paid.
The case stems from growing tensions between civil society organisations and security agencies over allegations of harassment, intimidation, and civic space restrictions in Nigeria.
Neither SERAP nor the DSS had publicly reacted to the judgment as of the time of filing this report.
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