Adebayo Adelabu, the Minister of electricity, has denied any role in the purported loss of ₦128 billion in the electricity industry, claiming that the money in question existed before he was appointed.
Adelabu reportedly provided the explanation on Monday, January 5, after the Socio-Economic Rights and Accountability Project (SERAP) demanded that the Ministry of Power and Nigerian Bulk Electricity Trading Plc look into the purportedly missing monies.
In a statement issued by Bolaji Tunji, his Special Advisor on Media, the minister called on SERAP to stop what he called “baseless speculation,” emphasizing that the accusations were based on the audit report from 2022.
The statement claims that Adelabu was named Minister of Power in August 2023, yet the audit report that SERAP cites only pertains 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 said.
“The Honourable Minister of Power, Chief Adebayo Adelabu, has no objections to calls for investigation, but it is important to make it clear that the audit report in question relates to the 2022 fiscal year, and he was appointed in August 2023.”
Adelabu emphasized that the accusations were unrelated to the Ministry of Power’s actions under the current administration.
As a result, all of the problems mentioned in the audit report are related to a time before the minister was appointed. Therefore, the request for an investigation has no influence on the Ministry’s financial or operational activities under the current administration,” the statement continued.
The minister reiterated his dedication to accountability and openness, promising that his office will assist any legitimate inquiry into legacy problems in the power industry.
“The Office of the Honourable Minister reaffirms its commitment to accountability and transparency and will cooperate fully 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 stated.
The statement further emphasized that Adelabu was “widely regarded for his strict adherence to due process, probity, transparency, and accountability,” pointing out that his prior positions in the public and commercial sectors had proved this reputation.
The minister’s commitment to upholding his integrity was also mentioned.
Investigation and Fund Recovery Requested by SERAP
Prior to this, 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 that was seized be used to solve Nigeria’s financial problems.
“Use any recovered diverted funds to ease Nigeria’s crippling debt crisis and to fund the deficit in the 2026 budget,” SERAP stated.
SERAP contended that the purported violations revealed pervasive governance shortcomings in the power industry.
Nigerians are still bearing the consequences of the massive and pervasive corruption in the power industry. According to the organization, there is a justifiable public interest in guaranteeing accountability and justice for these serious accusations.
Addressing corruption in the industry will aid in resolving the nation’s ongoing electrical problems, according to SERAP.
It stated, “Tackling corruption in the power sector would go a long way in addressing the persistent breakdown of transmission lines in the country and improving access of Nigerians to a regular and uninterrupted electricity supply.”
Citing passages from the Auditor-General’s report, SERAP claimed that the Ministry of Power had “no evidence of how the funds were expended” and had failed to account for more than ₦4.4 billion that had been sent to the project accounts for Mambilla, Zungeru, and Kashimbilla.
Also purportedly noted in the study were:
₦95.4 billion was paid to contractors without project execution paperwork.
Without permission from the Head of Civil Service or the Secretary to the Government of the Federation, ₦33.5 million was spent on travel abroad.
Spending more than ₦230 million on the GIGMIS platform and exceeding the legal limit by ₦282 million in non-personal advances
According to reports, the Auditor-General at Nigerian Bulk Electricity Trading Plc expressed concerns about payments made without procurement clearances, inexplicable transfers into sub-accounts, irregular contract awards, and consulting fees purportedly paid for services that were never provided.
The incident has rekindled concerns for accountability in Nigeria’s power system, which, despite years of reforms and significant public spending, still struggles with an inadequate supply of electricity.
