Minister Adebayo Adelabu denies N128bn missing power sector funds, stressing audit predates his tenure and pledges transparency

Minister of Power, Chief Adebayo Adelabu, has denied that N128 billion reported missing in the power sector occurred under his watch.

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Adelabu issued the statement on Monday following a call by the Socio-Economic Rights and Accountability Project for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc.

Adelabu, who assumed office in August 2023, described the allegations as “baseless speculation” and clarified that the audit report cited by SERAP relates to the 2022 financial year, prior to his tenure. Bolaji Tunji, the minister’s media aide, said Adelabu remains committed to transparency and accountability and will cooperate fully with any legitimate review of legacy issues in the power sector while focusing on delivering stable electricity to Nigerians.

SERAP, in its request, did not accuse Adelabu of misappropriation.

The organisation, however, highlighted alleged irregularities, including N4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts without documentation, N95.4 billion paid to contractors with no proof of project execution, and N33.5 million spent on foreign travel without approval.

Other concerns included irregular contract awards, unexplained sub-account transfers, consultancy fees for unrendered services, and questionable vehicle procurement.

The advocacy group urged President Bola Ahmed Tinubu to direct the Attorney General and relevant anti-corruption agencies to investigate the funds.

SERAP argued that addressing corruption in the sector would improve electricity transmission, enhance access for Nigerians, and help ease fiscal pressures.

Adelabu emphasised his track record for strict adherence to due process and integrity in both public and private roles, asserting that any discrepancies noted in the 2022 audit occurred before his administration.

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The statement underscores ongoing scrutiny in Nigeria’s power sector, highlighting the demand for accountability as the country seeks to address persistent electricity challenges while sustaining public trust and investor confidence.