Adebayo Adelabu, the Minister of Power, has insisted that the funds in question predate his appointment as minister and denied any role in the purported loss of ₦128 billion in the power sector.
Adelabu reportedly provided the explanation on Monday, January 5, in response to requests for an investigation into the allegedly missing cash made by the Nigerian Bulk Electricity Trading Plc and the Ministry of Power from the Socio-Economic Rights and Accountability Project (SERAP).
The minister encouraged SERAP to stop what he called “baseless speculation” in a statement signed by Bolaji Tunji, his Special Adviser on Media. He emphasized that the accusations were based on the 2022 audit report.
Adelabu was named Minister of Power in August 2023, according to the statement, but the audit report that SERAP cited only applies to the 2022 fiscal year.
“The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, and appropriate anti-corruption agencies to investigate allegations that over ₦128 billion in public funds are missing or diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc,” the statement stated.
“It is crucial to make it clear that Chief Adebayo Adelabu, the Honourable Minister of Power, was appointed in August 2023, whereas the audit report in question relates to the 2022 financial year, even though he has no objection to calls for investigation.”
Adelabu emphasized that the accusations had nothing to do with how the Ministry of Power operated during the current administration.
As a result, all of the concerns mentioned in the audit report are related to a time prior to the minister’s tenure. Therefore, the Ministry’s operations and financial activities under the current administration are unaffected by the request for a probe, the statement continued.
Reiterating his dedication to openness and responsibility, the minister promised that his office will assist any legitimate inquiry into legacy problems in the power industry.
Adelabu declared, “The Office of the Honourable Minister reaffirms its commitment to transparency and accountability and will fully cooperate with any legitimate process aimed at addressing legacy issues in the power sector while remaining focused on its mandate of delivering stable and reliable electricity to all Nigerians.”
Adelabu was “widely regarded for his strict adherence to due process, probity, transparency, and accountability,” according to the statement, which also noted that this reputation had been shown in his prior positions in both the public and commercial sectors.
The minister was unwavering in his commitment to upholding his integrity.
SERAP Requests Investigation and Fund Recovery
Previously, President Bola Tinubu was urged by SERAP’s Deputy Director, Mr. Kolawole Oluwadare, to order the Attorney General of the Federation and anti-corruption agencies to look into the purported loss or diversion of more than ₦128 billion from the Ministry of Power and NBET.
Additionally, the organization requested that any money seized be used to solve Nigeria’s financial problems.
According to SERAP, “use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”
The alleged violations, according to SERAP, revealed systemic governance flaws in the power industry.
“The pervasive and massive corruption in the power sector continues to cost Nigerians dearly.” The organization declared, “There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
SERAP claims that combating corruption in the industry would aid in resolving the nation’s ongoing electrical problems.
“Tackling corruption in the power sector would go a long way in addressing the country’s ongoing transmission line breakdowns and improving Nigerians’ access to a regular and uninterrupted electricity supply,” the statement stated.
The Ministry of Power allegedly failed to account for more than ₦4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts, with “no evidence of how the funds were expended,” according to SERAP, which cited passages from the Auditor-General’s report.
Additionally, the study purportedly noted:
Contractors were paid ₦95.4 billion without documentation or evidence of project accomplishment.
₦33.5 million was spent abroad without permission from the Head of Civil Service or the Secretary to the Government of the Federation.
The GIGMIS platform cost more over ₦230 million, and non-personal advances exceeded the legal cap by ₦282 million.
The Auditor-General reportedly voiced concerns at Nigerian Bulk Electricity Trading Plc including irregular contract awards, unexplained transfers into sub-accounts, payments made without procurement clearances, and consulting fees purportedly paid for services that were not provided.
Despite years of reforms and significant public spending, Nigeria’s power sector still struggles with an inadequate supply of electricity, and the scandal has rekindled calls for accountability.
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