Adelabu Rebuffs SERAP: No N128bn Missing Under My Leadership

The Minister of Power, Adebayo Adelabu, has denied responsibility for the alleged disappearance of N128 billion in the power sector, insisting that the funds were not lost during his tenure.

Adelabu made this clarification on Monday after the Socio-Economic Rights and Accountability Project (SERAP) called for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) over the reported missing funds.

He dismissed the allegations as unfounded speculation and explained that the funds referenced by SERAP were fully captured in the 2022 audit report—well before his appointment as minister.

In a statement issued by his media aide, Bolaji Tunji, Adelabu said he was compelled to respond following comments made on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare. Oluwadare had urged President Bola Tinubu to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside relevant anti-corruption agencies, to investigate claims 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 wrongdoing, the minister stressed that the audit report on which the group based its demand covered the 2022 financial year, predating the current administration.

The statement noted that Adelabu assumed office in August 2023, while the audit findings relate solely to events that occurred before then. As a result, the ministry argued that the call for an investigation does not reflect the financial operations or activities under Adelabu’s leadership.

Adelabu stated that he has no objection to any legitimate investigation but emphasized the need for accuracy and fairness. He reaffirmed the ministry’s commitment to transparency and accountability and pledged full cooperation with any lawful process aimed at addressing legacy issues in the power sector. He added that the current administration remains focused on delivering stable and reliable electricity to Nigerians.

The statement also highlighted Adelabu’s reputation for due process, integrity, and accountability, citing his track record in both public and private sector roles.

Earlier, SERAP had written to President Tinubu, urging him to ensure that any recovered funds be used to bridge the deficit in the 2026 budget and reduce Nigeria’s mounting debt burden.

The organisation argued that the allegations reflect deep governance failures within the power sector and said Nigerians continue to suffer the consequences of widespread corruption.

SERAP maintained that holding officials accountable would help address ongoing electricity challenges, including frequent transmission failures and unreliable power supply nationwide.

According to the group, the allegations represent a serious breach of public trust and may violate the Nigerian Constitution, anti-corruption laws, and international obligations.

Citing excerpts from the Auditor-General’s report, SERAP claimed that the Ministry of Power failed to account for over N4.4 billion transferred to the Mambilla, Zungeru, and Kashimbilla project accounts, with no records showing how the funds were spent.

The report also flagged N95.4 billion allegedly paid to contractors without documentation or evidence of project execution, as well as N33.5 million spent on foreign travel without the required approvals.

Additional concerns included over N230 million spent on the GIGMIS platform, N282 million in non-personal advances exceeding statutory limits, and several payments made without proper authorization or supporting documents.

At NBET, the Auditor-General reportedly identified irregular contract awards, unexplained transfers to sub-accounts, payments made without procurement approval, and consultancy fees for services allegedly not delivered.

Overall, the allegations span contract awards, consultancy services, travel expenses, vehicle purchases, legal fees, staff training, and welfare-related spending, with repeated warnings from the Auditor-General that the funds may have been diverted or misapplied.

SERAP warned that failure to investigate and address the allegations could result in legal action.