The Minister of Power, Adebayo Adelabu, has denied any involvement in the alleged disappearance of ₦128 billion within Nigeria’s power sector, emphasising that the funds predate his tenure as minister.
Gossip News Now reports that Adelabu issued the clarification on Monday, January 5, following calls from the Socio-Economic Rights and Accountability Project (SERAP) for a probe into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) over the reportedly missing funds.
In a statement signed by his Special Adviser on Media, Bolaji Tunji, Adelabu urged SERAP to refrain from what he described as “baseless speculation,” noting that the allegations were derived from the 2022 audit report, prior to his appointment.
The statement read: “Our attention has been drawn to calls by SERAP urging President Bola Tinubu to direct the Attorney General of the Federation, Mr. Lateef Fagbemi, and other appropriate anti-corruption agencies to investigate claims that over ₦128 billion of public funds are missing or misappropriated from the Ministry of Power and NBET.
“While the Honourable Minister has no objection to legitimate investigations, it is critical to emphasise that he assumed office in August 2023, whereas the audit report in question covers the 2022 financial year. The issues highlighted relate entirely to a period before his tenure and therefore bear no connection to the current administration’s operations.”
Adelabu reaffirmed his commitment to transparency and accountability, assuring the public that his office would fully cooperate with any lawful investigation into legacy issues.
He added: “The Office of the Honourable Minister remains committed to transparency and will cooperate with any legitimate process aimed at addressing past challenges in the power sector, while remaining focused on delivering stable and reliable electricity to all Nigerians.”
The statement further highlighted Adelabu’s reputation for integrity, probity, and due process in both public and private roles, stressing his resolve to safeguard his personal and professional credibility.
SERAP Demands Investigation And Fund Recovery
Earlier, SERAP, through its Deputy Director, Kolawole Oluwadare, called on President Tinubu to direct anti-corruption agencies to investigate the alleged misappropriation of ₦128 billion from the Ministry of Power and NBET.
The organisation recommended that any recovered funds be applied to bridging Nigeria’s fiscal gap, including the 2026 budget deficit, and mitigating the nation’s growing debt burden.
According to SERAP, the alleged mismanagement reflects systemic governance failures in the power sector.
“Nigerians continue to bear the consequences of widespread corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these serious allegations,” the organisation stated.
The group argued that tackling corruption would help address persistent electricity supply challenges across the country.
Excerpts from the Auditor-General’s report, cited by SERAP, reportedly revealed:
- Over ₦4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts with no documentation of expenditure
- ₦95.4 billion paid to contractors without evidence of project execution
- ₦33.5 million spent on foreign travel without proper approvals
- Over ₦230 million spent on the GIGMIS platform
- ₦282 million in non-personal advances exceeding statutory limits
Concerns were also raised about NBET, including irregular contract awards, unexplained sub-account transfers, payments without procurement approval, and consultancy fees for allegedly unrendered services.
The controversy has reignited calls for robust accountability in Nigeria’s power sector, which continues to face insufficient electricity supply despite years of reforms and massive public investment.
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