Nigeria’s power minister says the N128 billion power funds issue predates his appointment, urging accountability without misinformation or political misrepresentation.
The Minister of Power, Adebayo Adelabu, has firmly rejected any suggestion that he is linked to allegations surrounding the disappearance of N128 billion power funds, stating that the claims relate to a period long before he assumed office.
Adelabu issued the clarification following growing public attention generated by a statement from the Socio-Economic Rights and Accountability Project (SERAP), which called for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) over alleged financial irregularities running into billions of naira.
According to the minister, the figures cited by SERAP were extracted from the 2022 Auditor-General’s report and therefore fall outside his tenure.
Adelabu was appointed Minister of Power in August 2023, several months after the period covered by the audit in question.
In a statement released by his media aide, Bolaji Tunji, the minister cautioned against what he described as speculation capable of misleading the public and undermining ongoing reforms in the power sector.
He stressed that while scrutiny and accountability are essential, accuracy and fairness must also guide public discourse.
The clarification came after SERAP, through its Deputy Director Kolawole Oluwadare, urged President Bola Tinubu to mandate the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to probe allegations that more than N128 billion power funds were missing or diverted within the Ministry of Power and NBET.
Although the organisation did not accuse Adelabu personally, the minister noted that public perception could easily blur timelines, making it necessary to set the record straight.
“Our attention has been drawn to the call by SERAP urging Mr President to direct the Attorney General of the Federation and relevant anti-corruption agencies to investigate allegations that over N128 billion of public funds are missing or diverted from the Ministry of Power and NBET,” the statement said.
“While the Honourable Minister has no objection to any lawful investigation, it is important to state clearly that the audit report referenced relates strictly to the 2022 financial year.
“These issues arose before his appointment and have no connection with the current administration’s financial activities.”
The ministry reiterated that it remains open to cooperating with investigators to resolve legacy issues, adding that transparency and accountability are core principles guiding its operations.
Officials emphasised that the present leadership is more focused on stabilising electricity supply and addressing long-standing structural weaknesses in the sector.
Adelabu’s team also highlighted his professional background, describing him as a public officer with a reputation for compliance with due process, financial discipline, and institutional reform, both in previous government assignments and private-sector engagements.
SERAP, on its part, argued that the allegations highlighted deep-rooted governance failures in the power sector and called for decisive action to restore public confidence.
The organisation urged President Tinubu to ensure that any recovered sums linked to the N128 billion power funds controversy are channelled toward reducing Nigeria’s budget deficit and easing the country’s rising debt burden.
“Nigerians continue to suffer the consequences of large-scale corruption in the power sector,” SERAP stated, noting that persistent electricity shortages, transmission failures and unreliable supply are often symptoms of financial mismanagement.
The organisation further warned that failure to act on the audit findings could amount to a breach of constitutional and legal obligations, both locally and internationally.
“These allegations suggest grave violations of public trust, the Nigerian Constitution, anti-corruption laws and international obligations against corruption,” SERAP said.
Details cited from the Auditor-General’s report reportedly include over N4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts without evidence of how the funds were utilised.
The report also allegedly flagged N95.4 billion paid to contractors without proper documentation or proof of work done, as well as N33.5 million spent on foreign travel without required approvals.
Other questionable expenditures reportedly include over N230 million spent on the GIGMIS platform, N282 million issued as non-personal advances beyond statutory limits, and several payments made without proper authorisation or supporting records.
At NBET, the audit allegedly raised concerns over irregular contract awards, unexplained transfers into sub-accounts, consultancy fees paid for services not rendered, and procurement processes that did not follow established guidelines.
While the controversy over N128 billion power funds continues to generate debate, observers say the situation underscores the importance of distinguishing between past administrative failures and present reform efforts.
Analysts also note that how the government handles the matter could shape public trust in the power sector’s ongoing transformation.
As Nigeria continues its push for reliable electricity and economic growth, stakeholders agree that resolving legacy financial issues transparently—without politicisation—will be critical to rebuilding confidence and delivering sustainable results.
Ireport247news
