Adelabu To SERAP: N128bn Not Missing Under My Watch

The Minister of Power, Adebayo Adelabu, has confirmed that the N128 billion reportedly missing in the power sector did not occur under his tenure, insisting that the allegations relate to a period before his appointment.

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 (NBET) over the alleged missing funds.

In a statement signed by his media aide, Bolaji Tunji, the minister urged SERAP to refrain from what he described as “baseless speculation,” explaining that the funds cited by the organisation were contained in the 2022 Auditor-General’s report, which predates his assumption of office in August 2023.

The clarification followed a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, urging President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, as well as relevant anti-corruption agencies, to investigate allegations that over N128 billion in public funds were missing or diverted from the Ministry of Power and NBET.

Although SERAP did not directly accuse Adelabu of diverting the funds, the minister stressed that the audit report upon which the call for investigation was based covered the 2022 financial year, before the inauguration of the current administration.

“Our attention has been drawn to the call by SERAP urging Mr President to direct the Attorney General of the Federation and appropriate anti-corruption agencies to investigate allegations that over N128bn of public funds are missing or diverted from the Ministry of Power and NBET,” the statement said.

“While the Honourable Minister of Power has no objection to calls for investigation, it is important to state clearly that he was appointed in August 2023, whereas the audit report in question relates strictly to the 2022 financial year.

“Consequently, the issues raised in the referenced audit report pertain entirely to a period before the minister’s tenure and have no bearing on the operations or financial activities of the Ministry under the current administration.”

The ministry reaffirmed its commitment to transparency and accountability, stating that it would cooperate fully with any legitimate process aimed at resolving legacy issues in the power sector, while remaining focused on delivering stable and reliable electricity to Nigerians.

The statement also noted that Adelabu is “widely regarded for his strict adherence to due process, probity, transparency and accountability,” both in his previous public service roles and in the private sector.

Earlier, SERAP had written to President Tinubu, urging him to ensure that any recovered funds were used to address the 2026 budget deficit and ease Nigeria’s growing debt burden. The organisation said the alleged financial infractions reflected deep-rooted governance failures in the power sector.

“Nigerians continue to pay the price for widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” SERAP said.

According to the group, tackling corruption in the sector would help address persistent electricity challenges, including frequent transmission line breakdowns and poor access to uninterrupted power supply.

SERAP further described the allegations as a serious breach of public trust, raising constitutional and legal concerns.

“These allegations suggest grave violations of the public trust, the Nigerian Constitution, anticorruption laws and international anticorruption obligations,” the organisation stated.

Citing excerpts from the Auditor-General’s report, SERAP alleged that the Ministry of Power failed to account for over N4.4 billion transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with no evidence of expenditure. The report also flagged N95.4 billion allegedly paid to contractors without documentation or proof of project execution, as well as N33.5 million spent on foreign travel without required approvals.

Other expenditures questioned include over N230 million spent on the GIGMIS platform, N282 million in non-personal advances allegedly above statutory limits, and several payments made without proper approvals or supporting records.

At NBET, the Auditor-General reportedly raised concerns over irregular contract awards, unexplained transfers into sub-accounts, payments without procurement approvals, and consultancy fees for services allegedly not rendered.

SERAP warned that failure by the authorities to act on the allegations could attract legal consequences.