General
SERAP Asks NASS to Probe Missing N10bn
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Mr Ahmad Lawan, and Speaker of House of Representatives, Mr Femi Gbajabiamila, to investigate the N10 billion budgeted to the National Assembly (NASS) said to be missing.
In a statement issued on Sunday, SERAP Deputy Director, Mr Kolawole Oluwadare, asked the leadership of the National Assembly to probe and refer to the appropriate anti-corruption agencies fresh allegations that N10 billion of public money budgeted for the National Assembly is missing, misappropriated or diverted.
“The grim allegations that N10,051,283,568.82 of public money is missing are documented in the 2019 audited report by the Auditor-General of the Federation,” a part of the statement said.
SERAP’s statement followed a letter dated December 11, 2021, wherein the group wants the ninth Assembly to address the allegations that improve public confidence and trust in the ability of the parliament to exercise its constitutional and oversight responsibilities and to adhere to the highest standards of integrity in the management of public funds.
According to the group, little can be achieved by the National Assembly in the fight against corruption if the leadership and members do not first confront the spectre of alleged corruption and mismanagement within their ranks.
This is even as the organisation asked both Mr Lawan and Mr Gbajabiamila to identify the lawmakers and staff members suspected to be involved and hand them over to appropriate anti-corruption agencies to face prosecution, if there is sufficient admissible evidence, and to ensure full recovery of any missing public funds.
SERAP added, “As part of its legislative and oversight functions, the National Assembly has a key role to play in the fight against corruption in the country. But the National Assembly can only effectively perform its anti-corruption role if it can demonstrate exemplary leadership to probe the allegations of corruption and mismanagement involving the legislative body.
“According to the Auditor-General Report for 2019, the House of Representatives paid N2,550,000,000.00 to members as running costs between July and December 2019, but failed to account for the money, contrary to paragraph 1011(i) of the Financial Regulations. There was no evidence to show what the funds were used for, and no documents to back up the spending.
“The Auditor-General is concerned that the money may have been ‘diverted.’ He wants the money recovered.
“The House of Representatives also reportedly paid N258,000,000 as cash advances to 59 officers between February and December 2019 but has failed to account for the money. The officers were paid the money despite the fact that they have not accounted for the previous cash advances.
“The House of Representatives also reportedly paid N107,912,962.45 as repairs and maintenance allowance for unspecified residential quarters but failed to account for the money. The money spent was also in excess of the cash advances threshold of N200,000.00 as stipulated by the Financial Regulations.
“These fresh allegations amount to fundamental breaches of the Nigerian Constitution of 1999 [as amended] and the country’s international obligations including under the UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption.
“SERAP is concerned that allegations of corruption continue to undermine economic development, violate social justice, and destroy trust in economic, social, and political institutions. Nigerians bear the heavy economic and social costs of corruption. The National Assembly, therefore, has a responsibility to curb it.
“Ensuring the effective investigation of these fresh allegations, and full recovery of any missing public funds would strengthen the country’s accountability framework, and show that the National Assembly can discharge its constitutional responsibility of amplifying the voices of Nigerians, and act in the best interest of the people.
“We would be grateful if you would indicate the measures being taken to address the allegations and to implement the proposed recommendations, within 14 days of the receipt and/or publication of this letter.
“If we have not heard from you by then as to the steps being taken in this direction, SERAP shall take all appropriate legal actions to compel the leadership of the National Assembly to implement these recommendations in the public interest, and to promote transparency and accountability in the National Assembly.
“The House of Representatives also reportedly collected N1,594,807,097.83 as PAYE, car and housing loans from 17 members between February and December 2019 but failed to show receipt of remittance to relevant revenue authorities. The Auditor-General wants the money recovered.
“The House of Representatives also reportedly paid N1,010,598,610.97I from salary account but without any document to show for the payment, contrary to paragraph 601 of the Financial Regulations. The Auditor-General wants the money recovered.
“The Senate reportedly collected N219,645,597.08 as housing loans from 107 senators’ salary arrears between July and December 2019 but failed to remit the money.
“The Senate also reportedly recovered N123,320,916.72 being car loans to senators between July and December 2019, but there was no evidence that the money was remitted to the treasury. The Auditor-General wants the money recovered and remitted.
“The Senate reportedly collected N176,267,255.31 as PAYE from staff salaries but there was no evidence that the money was remitted to the relevant tax authorities, contrary to paragraph 235 of the Financial Regulations. The Auditor-General wants the money recovered and remitted.
“The Senate also reportedly collected N277,411,116.29 as Value Added Tax (VAT), and Withholding Tax (WHT) but failed to remit the money to the relevant tax authorities. The Auditor-General wants the money recovered and remitted.
“The Senate reportedly paid N1,718,130,630.24 for the supply of vehicle and other office equipment between February and December 2019 but failed to account for the money, contrary to paragraph 110 of the Financial Regulations. The Auditor-General is concerned that the money may have been diverted.
“The Senate also reportedly paid N657,757,969.05 for the supply of motor vehicles, motorcycles and other office equipment between July and December 2019, but failed to show any document for the payment, contrary to paragraph 1705 of the Financial Regulations. The Auditor-General wants the money recovered.
“The Senate also reportedly paid N423,370,000.00 for the supply of utility vehicles and production of National Assembly Logo between August and November 2019 but without any documents. The Auditor-General wants the money recovered.
“The National Assembly Service Commission reportedly paid N31,927,760 as cash advances to 59 staff but failed to account for the money. The Auditor-General wants the money recovered.
“The National Assembly Service Commission also reportedly collected N276,749,014.68 as stamp duty from contractors and service providers but failed to remit the money to appropriate tax authorities.
“According to the Auditor-General Report for 2018, the Nigerian Institute of Legislative and Democratic Studies deducted N577,634,638,20 as taxes but failed to remit the money to the relevant tax authorities. The Auditor-General wants the money recovered and remitted.
“The Nigerian Institute of Legislative and Democratic Studies also reportedly spent N47,750,000.00 to buy a residential building without due process, and contrary to Section 27 (1) of the Fiscal Responsibility Act and Financial Regulation 301.
“SERAP notes that the Auditor-General in 2015, 2017 and 2018 reports documented that over N8bn of public money budgeted for the National Assembly is missing, misappropriated or diverted.”
By Adedapo Adesanya
Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).
The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.
NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.
The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.
Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.
Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.
At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.
Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.
In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.
The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.
Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.
The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.
By Adedapo Adesanya
Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.
By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.
“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.
For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.
“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”
Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.
By Adedapo Adesanya
Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.
The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.
Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.
“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.
On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.
Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.
The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.
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