The Minister of Power, Adebayo Adelabu, has denied any involvement in the alleged disappearance of ₦128 billion in the power sector, insisting that the funds in question predate his appointment as minister.
Naijaonpoint reports that Adelabu made the clarification on Monday, January 5, following calls by the Socio-Economic Rights and Accountability Project (SERAP) for a probe into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc over the reportedly missing funds.
The minister, in a statement signed by his Special Adviser on Media, Bolaji Tunji, urged SERAP to desist from what he described as “baseless speculation,” stressing that the allegations were based on the 2022 audit report.
According to the statement, Adelabu was appointed Minister of Power in August 2023, while the audit report referenced by SERAP relates strictly to the 2022 financial year.
“Our attention has been drawn to the call by the Socio-Economic Rights and Accountability Project, urging 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 ₦128bn of public funds are missing or diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc,” the statement read.
“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.”
Adelabu stressed that the allegations had no connection with the operations of the Ministry of Power under the current administration.
“Consequently, the issues raised in the referenced audit report pertain entirely to a period before the minister’s tenure. The call for an investigation, therefore, has no bearing on the operations or financial activities of the Ministry under the current administration,” the statement added.
The minister reaffirmed his commitment to transparency and accountability, assuring that his office would cooperate with any lawful investigation into legacy issues in the power sector.
“The Office of the Honourable Minister reaffirms its commitment to transparency and accountability 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 said.
The statement further emphasised that Adelabu was “widely regarded for his strict adherence to due process, probity, transparency, and accountability,” noting that this reputation had been demonstrated in his previous roles in both public and private sectors.
It added that the minister remained resolute in safeguarding his integrity.
SERAP Demands Probe, Recovery Of Funds
Earlier, SERAP, through its Deputy Director, Mr Kolawole Oluwadare, had urged President Bola Tinubu to direct the Attorney General of the Federation and anti-corruption agencies to investigate the alleged disappearance or diversion of over ₦128bn from the Ministry of Power and NBET.
The organisation also asked that any recovered funds be channelled towards addressing Nigeria’s fiscal challenges.
“Use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis,” SERAP said.
SERAP argued that the alleged infractions pointed to deep-rooted governance failures in the power sector.
“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 organisation stated.
According to SERAP, tackling corruption in the sector would help address persistent electricity challenges across the country.
“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,” it said.
SERAP, citing excerpts from the Auditor-General’s report, alleged that the Ministry of Power failed to account for over ₦4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with “no evidence of how the funds were expended.”
The report also allegedly flagged:
- ₦95.4bn paid to contractors without documentation or proof of project execution
- ₦33.5m spent on foreign travel without approval from the Secretary to the Government of the Federation or the Head of Civil Service
- Over ₦230m spent on the GIGMIS platform
- ₦282m in non-personal advances exceeding the statutory limit
At the Nigerian Bulk Electricity Trading Plc, the Auditor-General reportedly raised concerns over irregular contract awards, unexplained transfers into sub-accounts, payments without procurement approvals, and consultancy fees allegedly paid for services not rendered.
The controversy has renewed calls for accountability in Nigeria’s power sector, which continues to struggle with inadequate electricity supply despite years of reforms and massive public spending.