General
SERAP Wants INEC to Publish Financial Details of Political Parties
By Adedapo Adesanya
In its latest move, the Socio-Economic Rights and Accountability Project (SERAP) has urged the Independent National Electoral Commission (INEC) to publish the reports on the accounts and balance sheets of every political party submitted to the National Assembly since 2015.
The group called on Mr Mahmood Yakubu, the Chairman of the body, to make available the request in a letter dated May 21, 2022, signed by SERAP deputy director, Mr Kolawole Oluwadare.
SERAP urged him to “urgently examine the books and records of financial transactions of political parties, and to make public the outcome of any such examination.”
It also urged him to “provide details of the guidelines, and steps that INEC is taking to prevent vote-buying in the forthcoming elections in Ekiti and Osun states and 2023 general elections, and to prosecute vote buyers and other electoral offenders.”
Recently, the All Progressives Congress (APC) collected N100 million for its presidential form while the opposition Peoples Democratic Party (PDP) collected N40 million for the same purpose for the 2023 elections.
The organisation also alleged that some leading political parties and politicians also spend between N250 to N14,000 to buy votes.
The organisation said: “Nigerians have the right to know about the accounts and financial transactions of their political parties, especially the major parties with a strong possibility to assume government in the future.”
According to SERAP, “transparency and accountability of political parties is important to achieve greater transparency in public life, curb the influence of money in politics, promote a level playing field, and remove the risks to the independence of political actors and would-be public office holders.”
SERAP also said, “It is both immoral and illegal to pay citizens to vote for a particular political party or candidate. Unpunished cases of vote buying and related electoral offences would continue to undermine good governance, the rule of law, moral values, as well as hinder citizens’ participation in elections.”
The letter, read in part: “When a political candidate decides to buy the support of the people rather than contest fairly for their votes, there are possibilities that such candidate will show a disregard for democratic rules and a disposition to adopt illegal means becomes inevitable.
“Vote buying and related electoral offences encourage poor governance and weaken citizens’ capacity to hold their elected officials accountable for their actions.
“SERAP urges you to urgently take measures and to collaborate with appropriate anti-corruption agencies to ensure the effective prosecution of any outstanding cases of vote buying and related electoral offences allegedly committed in the context of the 2019 general elections.
“We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel INEC to comply with our request in the public interest.
“The lack of transparency and accountability in political finance is seriously undermining the legitimacy and credibility of the democratic and electoral processes, and invariably contributing to denying the citizens the right to effective participation in their own government.
“The failure of political parties to comply with transparency and accountability frameworks would undermine citizens’ trust in their political parties and lack of trust will inevitably destroy confidence in the system and decrease citizens’ interest and participation in the democratic process.
“Elections are only one part of the democratic process, and a fair and effective electoral system must be founded in an adequate democratic infrastructure and responsibility of political leaders.
“According to our information, several political parties have for many years failed to submit their annual financial statements to INEC. Many political parties have failed to submit election expenses reports, and to disclose material contributions received from individuals and corporate bodies to the Commission.
“The Commission has also been apparently unable or unwilling to monitor, examine and publish these financial statements.”
“Also, some leading political parties, politicians and other political actors reportedly paid between N250 to N14,000 to buy votes. For many years, allegations of vote buying (the payment of cash or gifts in exchange for voting) and related electoral offences have characterised elections and party primaries in the country.
“SERAP is concerned that despite several provisions of the Electoral Act (as amended), anti-corruption laws, and the country’s international anti-corruption obligations, suspected perpetrators of vote buying and related electoral offences frequently escape justice for their crimes.
“However, INEC has consistently failed to exercise its powers and to provide the leadership that would promote collaboration with appropriate anti-corruption agencies to facilitate and ensure thorough, transparent and effective investigation of cases, and the arrest and prosecution of suspected perpetrators.
“Section 86(1) of the Electoral Act 2022 requires every political party to submit to INEC a detailed annual statement of assets and liabilities and analysis of its sources of funds and other assets and statement of its expenditure. Failure to comply is an offence under Section 86(2), which is punishable by imprisonment for a term of six months or a fine of N1,000,000 or both.
“Under Section 86(3)(4) INEC has the power to examine the records and audited accounts kept by any political party, and to publish the report on such examinations and audit in two national newspapers and Commission’s website within 30 days of receipt of the results.
“Section 226 (1) of the Electoral Act 2022 also requires INEC to prepare and submit a report every year to the National Assembly on the accounts and balance sheet of every political party. Under Section 225(5), INEC has the power to give directions to political parties regarding their books or records of financial transactions.
“The Nigerian Constitution and international standards guarantee and protect the right of all qualified citizens to vote, in state as well as in general elections.
“The right to vote freely for the political party and candidate of one’s choice is of the essence of a democratic society, and any restrictions on that right strike at the heart of representative government.
“The effective exercise of the right of qualified Nigerians to have a voice in the election of those who make and enforce the laws under which, as good citizens, they live can contribute to the enjoyment of other human rights, including to corruption-free public services, freedom of expression and digital and data rights.
“Public confidence in voting systems serves as an indispensable feature of a full and healthy democracy.
“Persistent failure to arrest and prosecute suspected perpetrators of vote buying and related electoral offences may ultimately undermine public confidence, the integrity of the country’s elections, and lead to widespread disaffection with the electoral process.”
By Adedapo Adesanya
President Bola Tinubu is expected to be among the leading public figures attending the next edition of the Africa CEO Forum, which will take place on May 14-15, 2026, in Kigali, Rwanda
A strong Nigerian private-sector delegation will also take part, including Mr Aliko Dangote, Mr Wale Tinubu, Mr Ofovwe Aig-Imoukhuede, Mrs Adesuwa Ladoja, Mrs Rachel More-Oshodi, Mrs Zouera Youssoufou, Mr Karim Noujaim, Mr Dany Abboud, Mr Ayo Otuyalo and Mr Chukwuerika Achum. Nigeria’s Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, will also be present.
According to a statement on Tuesday, the 2026 edition will convene in Kigali to address a defining question for Africa’s future: how to achieve the scale necessary to compete, integrate and thrive in a fragmenting world.
It comes as global power dynamics continue to evolve, while the ability of Africa to rely on competitive, agile and internationally integrated corporate champions has become a defining corporate imperative. In this shifting global landscape, one lesson is clear: scale is no longer optional. It is the first line of defence.
Organised by Jeune Afrique Media Group and co-hosted by the International Finance Corporation (IFC), the Africa CEO Forum 2026 will convene Africa’s leading public and private decision-makers around a clear conviction: scale can only be achieved through shared African ownership.
The Forum will explore three strategic levers to build continental scale. First is shared equity, which will look to unlock cross-border equity investment to create multinational African champions. Mobilise African institutional capital across markets to strengthen resilience and enhance long-term returns.
Also, is shared infrastructure, which will take on designing complementary infrastructure to integrate African value chains. Champion transformative projects that serve regional, not merely national, needs and create truly connected markets.
Thirdly is shared frameworks, which is set to harmonise standards, rules and regulations to boost investor confidence and enable the free flow of capital, goods and services. Build future-proof digital rails for health, education, agriculture and cross-border payments.
Speaking on this, Mr Amir Ben Yahmed, President of the Africa CEO Forum, stated: “If Africa wants to compete in a world defined by scale, it must move beyond economic patriotism and embrace a new model: African capital investing together. Shared ownership, cross-border partnerships and continental ambition will define the economic future of Africa and the next generation of African champions.”
On his part, Mr Makhtar Diop, Managing Director at IFC, stated: “Africa has the capital and the opportunity to grow and create quality jobs. What matters now is putting that capital to work at scale. That means building trust, sharing risk, and investing across borders. The Africa CEO Forum brings leaders together to connect policy and private investment, and to help shape Africa’s next phase of growth.”
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has directed the Nigerian Shippers’ Council (NSC) to investigate the allegations of systemic efforts to undermine local barge operators at the nation’s seaports.
The Minister issued the directive during the recent 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat of the Federal Ministry of Marine and Blue Economy, held in Lagos.
During the engagement, representatives of barge operators alleged that there was a coordinated and deliberate attempt by certain foreign interests to edge them out of business.
According to the Special Adviser to the Minister, Mr Bolaji Akinola, they claimed that these actions, if left unchecked, could significantly weaken local capacity and disrupt the balance of competition within Nigeria’s maritime logistics chain.
The operators expressed concern that policies, operational bottlenecks, and preferential treatment allegedly being accorded to some foreign-linked entities by certain terminal operators were creating an uneven playing field.
According to them, these challenges are gradually eroding their market share and threatening the survival of indigenous businesses.
Responding to the concerns, the minister emphasised the federal government’s commitment to protecting local investments and ensuring fair competition within the maritime industry.
He directed the council, as the port economic regulator, to carry out a thorough and impartial investigation into the claims.
Mr Oyetola stressed that any form of anti-competitive behaviour or policy inconsistency that disadvantages Nigerian businesses would not be tolerated.
The minister also reiterated the importance of stakeholder engagement as a platform for identifying sectoral challenges and shaping responsive policy interventions, stressing that the government remains focused on strengthening the marine and blue economy sector as a driver of national growth, job creation, and sustainable development.
By Modupe Gbadeyanka
The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has asked to know the real beneficiaries of the repeated payments made by the federal government to settle outstanding debts in the power sector.
Over the weekend, President Bola Tinubu approved the payment of N3.3 trillion for the “full and final” payment for debts in the electricity sector.
The action, according to a statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, was to ensure improvement in electricity supply in the country.
In a post on Tuesday, the former Governor of Anambra State questioned why the government is allegedly making the same payment it announced almost two years ago.
“On May 17, 2024, N3.3 trillion was approved for the same purpose. On July 25, 2024, another N4 trillion bond was approved to settle similar debts. There have also been other approvals in between, all targeted at addressing the same power sector liabilities.
“This raises a fundamental question: were the previous approvals mere announcements without execution?” he queried.
“During the 2023 campaign, President Bola Tinubu made a clear promise: that if he failed to deliver stable electricity, Nigerians should not re-elect him.
“Today, the reality is that power supply has worsened to the extent that there are even discussions about disconnecting the Presidential Villa from the national grid.
“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress.
“Now, again, we are confronted with another N3.3 trillion approval to settle power sector debts,” Mr Obi further said.
The chieftain of the African Democratic Congress (ADC) said, “These debts were largely accumulated under successive administrations of the All Progressives Congress between 2015 and 2025. This raises serious concerns about accountability, transparency, and effectiveness in public financial management.”
“It is important to note that government institutions and agencies, including the Presidential Villa, owe a significant portion of these debts. Year after year, budgets were made and funds appropriated. Why then were these obligations not settled when due? And from what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?
“Key questions remain unanswered: How did the debt accrue? What is the actual total debt in the power sector? Which components of the debts are due to operators’ inefficiency and should be borne by them? Why have previous approvals not translated into tangible improvements? Who are the real beneficiaries of these repeated payments?
“Is the N3.3 trillion approved on April 6, 2026, the same as the N3.3 trillion approved in May 2024, and how does it relate to the N4 trillion bond approved in July 2024?
“Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms.
“Until we do so, we will remain trapped in a cycle of debt and darkness.
But with discipline, accountability, and the right leadership, a new Nigeria is still possible,” he wrote.
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