The Minister of Power, Adebayo Adelabu, has said that the alleged N128 billion reported missing in the power sector did not occur under the current administration.
Adelabu made the clarification on Monday in response to a call 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.
In a statement signed by his media aide, Bolaji Tunji, the minister said the funds cited by SERAP were contained in the 2022 financial audit report, which predates his appointment.
“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 N128billion of public funds are missing or diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc,” the statement said.
“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.”
According to the minister, “the issues raised in the referenced audit report pertain entirely to a period before the minister’s tenure,” adding that the call for investigation “has no bearing on the operations or financial activities of the Ministry under the current administration.”
The statement added that the ministry would “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.”
Earlier, SERAP had urged the president to direct the Attorney General and relevant anti-corruption agencies to investigate allegations that more than N128 billion in public funds were missing or diverted from the Ministry of Power and NBET.
The organisation said any recovered funds should be used to address the 2026 budget deficit and Nigeria’s debt burden.
According to SERAP, the allegations point to “deep-rooted governance failures in the power sector,” adding that “there is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
SERAP also cited excerpts from the Auditor-General’s report, alleging unaccounted transfers to project accounts, payments to contractors without documentation, and other expenditures lacking approvals.
It warned that failure to act on the allegations could attract legal consequences.
Adelabu, however, maintained that the audit queries referenced by SERAP relate strictly to the 2022 financial year and do not involve the current administration.
