Alleged N128bn missing Not Under My Watch – Adebayo

The Minister of Power, Adebayo Adelabu, has clarified that the alleged N128 billion reportedly missing from the power sector did not occur under his watch.

Adelabu made the statement on Monday in response to a call by the Socio-Economic Rights and Accountability Project (SERAP) for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) over the purportedly missing funds. He described the claims as “baseless speculation,” noting that the disputed amounts are recorded in the 2022 financial audit report, which predates his appointment as minister in August 2023.

A statement issued by his media aide, Bolaji Tunji, emphasized that while the minister has no objection to legitimate probes, the audit in question pertains exclusively to the 2022 financial year and therefore does not reflect the operations or financial activities of the ministry under his administration.

Adelabu’s office reaffirmed its commitment to transparency and accountability, pledging full cooperation with any genuine effort to resolve legacy issues in the power sector, while remaining focused on ensuring stable and reliable electricity supply for Nigerians. The statement also highlighted the minister’s longstanding reputation for probity, due process, and transparency in both public and private roles.

Earlier, SERAP had urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside relevant anti-corruption agencies, to investigate the alleged diversion of over N128 billion. The organization stressed that such probes would address deep-rooted governance failures and improve electricity delivery.

The Auditor-General’s report, cited by SERAP, flagged multiple questionable expenditures, including:

• Over N4.4bn transferred to the Mambilla, Zungeru, and Kashimbilla project accounts with no documentation of utilization.
• N95.4bn allegedly paid to contractors without proof of project execution.
• N33.5m spent on foreign travel without proper approvals.
• Over N230m spent on the GIGMIS platform.
• N282m in non-personal advances exceeding statutory limits.
• Multiple unapproved payments and consultancy fees for services reportedly not rendered.

The report also raised concerns at NBET, including irregular contract awards, unexplained sub-account transfers, and payments lacking procurement approvals. SERAP warned that failure to address these issues could have legal consequences and stressed the public interest in ensuring justice and accountability in the power sector.

The organization further urged that any recovered funds be used to fund the 2026 budget deficit and help ease Nigeria’s growing debt burden, noting that tackling corruption would improve access to uninterrupted electricity nationwide.