SERAP To Tinubu: Expose And Prosecute N167bn Fraudulent Contractors | Investors King
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SERAP to Tinubu: Expose and Prosecute N167bn Fraudulent Contractors

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Bola Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against President Bola Tinubu and the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Lateef Fagbemi (SAN), over the government’s failure to hold contractors accountable for an alleged N167 billion fraud.

The lawsuit, filed at the Federal High Court in Lagos, seeks to compel Tinubu to direct the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, to publish the names of contractors and companies that collected over N167 billion from 31 Ministries, Departments, and Agencies (MDAs) but failed to execute any projects. The case, numbered FHC/L/MISC/121/2025, was filed over the weekend.

SERAP is also asking the court to mandate the disclosure of details regarding these projects, including their locations, the amounts collected by each contractor, and the identities of the companies’ shareholders.

The organisation argues that the corruption allegations, as documented in the 2021 Audited Report by the Auditor General of the Federation, have significantly impaired access to essential public services, deepening the suffering of millions of Nigerians.

According to SERAP, bringing the fraudulent contractors to justice will curb the misuse of public funds, deter future corruption, and improve governance.

The group insists that shielding corrupt entities will perpetuate systemic fraud and continue to deprive citizens of critical services such as healthcare, education, and infrastructure.

“There is a legitimate public interest in not shielding or allowing ingrained wrongdoing by companies and contractors to go unpunished,” SERAP stated in the suit. “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.”

The organisation further explained that the alleged mismanagement violates the 1999 Constitution (as amended), Nigeria’s anti-corruption laws, and international commitments under the United Nations Convention Against Corruption (UNCAC), to which Nigeria is a signatory.

“The UN Convention against Corruption to which Nigeria is a state party contains requirements of integrity and honesty in economic, financial, or commercial activities, both in the public and private sectors. It also imposes obligations on the government to ensure that sanctions imposed for corruption on natural and legal persons are effective, proportionate, and dissuasive,” SERAP stated.

The lawsuit, filed by SERAP’s legal team, led by Kolawole Oluwadare and Oluwakemi Agunbiade, argues that granting the relief sought will promote transparency, accountability, and prevent the misuse of public funds by MDAs.

As Nigerians continue to bear the brunt of corruption in the public sector, the case is expected to set a precedent in holding those responsible for financial mismanagement accountable. However, no date has been set for the hearing of the suit, and the presidency is yet to respond to SERAP’s legal challenge.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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