The Minister of Power, Adebayo Adelabu, has refuted claims that N128 billion was missing from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) during his tenure. Adelabu stated that the alleged financial gap predates his appointment.
Okay News reports that the clarification from the minister came on Monday, following a public call by the Socio-Economic Rights and Accountability Project (SERAP) for President Bola Ahmed Tinubu of Nigeria to order a formal investigation into the alleged disappearance of funds. SERAP had urged that the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, probe the matter.
In a statement signed by his media aide, Bolaji Tunji, Adelabu emphasized that the N128 billion referenced by SERAP appeared in the 2022 financial audit report, a period before his appointment in August 2023. “While the Honourable Minister of Power, Chief Adebayo Adelabu, has no objection to calls for investigation, it is important to clearly state that he was appointed in August 2023, whereas the audit report in question relates to the 2022 financial year,” the statement read.
The Minister’s office reassured Nigerians of its commitment to transparency, accountability, and due process. It added that Adelabu’s track record in both public and private sectors demonstrates his dedication to probity and responsible management of public resources.
SERAP, however, in its earlier statement, highlighted what it described as systemic failures in the power sector, noting that “Nigerians continue to pay the price for the widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.” The organization recommended that any recovered funds be directed to Nigeria’s 2026 budget to alleviate the country’s debt burden.
According to excerpts from the Auditor-General’s report cited by SERAP, the Ministry of Power reportedly failed to account for over N4.4 billion transferred to projects including the Mambilla, Zungeru, and Kashimbilla hydroelectric projects. The report further cited N95.4 billion allegedly paid to contractors without proper documentation and N33.5 million spent on foreign travel without official approval.
SERAP warned that non-action could have legal consequences, describing the alleged mismanagement as a serious violation of the Nigerian Constitution 1999 (as amended), national anti-corruption laws, and international anti-corruption obligations.
