The Minister of Power, Adebayo Adelabu, has rejected claims that more than N128 billion went missing under his leadership, stating that the funds in question were allegedly lost before he assumed office.
Adelabu made this clarification 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 over reports of missing public funds.
Responding through a statement signed by his media aide, Bolaji Tunji, the minister dismissed suggestions that the alleged losses occurred during his tenure.
“The narrative that these funds were lost under my watch is baseless,” Adelabu said in the statement.
He explained that the figures being referenced originated from an audit conducted before he became minister.
“The amounts referenced are from the 2022 financial audit report, which predates my appointment in August 2023.”
SERAP had earlier urged President Bola Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with relevant anti-corruption agencies, to investigate the alleged diversion of funds within the power sector.
Although the organisation did not directly accuse Adelabu of wrongdoing, it described the situation as a grave breach of public trust, stressing that Nigerians continue to suffer the consequences of mismanagement in the electricity sector.
In response, the minister reaffirmed his commitment to openness and accountability in public service.
“The Ministry will cooperate fully with any legitimate process aimed at addressing legacy issues in the power sector, while remaining focused on delivering stable and reliable electricity to all Nigerians.”
Adelabu also drew attention to his personal record in both public and private service, emphasising his adherence to due process, accountability and probity.
SERAP, in its petition, cited the 2022 audit report as highlighting several questionable financial transactions within the sector.
According to the organisation, the audit revealed that over N4.4 billion was transferred into power project accounts without evidence that the funds were actually disbursed for their intended purposes.
The report also allegedly showed that N95.4 billion was paid to contractors without proper supporting documentation, raising concerns over compliance with financial regulations.
In addition, the audit reportedly identified N33.5 million spent on foreign travel without the required approvals.
Other alleged irregularities mentioned in the report included vehicle procurement, consultancy payments, staff welfare expenses and contract awards that lacked proper authorisation.
“The widespread financial irregularities highlighted in the audit point to deep-rooted governance failures,” SERAP said.
“Addressing corruption in the power sector would help improve electricity supply and ease Nigeria’s economic challenges.”
The organisation further warned that failure by authorities to act on the findings could result in legal action, stressing that accountability in the management of public resources remains a matter of overriding public interest.
