Minister of Power, Adebayo Adelabu, has dismissed claims that over N128 billion went missing under his administration, clarifying that the alleged losses occurred before he assumed office.
Adelabu issued the statement on Monday in response to a call by the Socio-Economic Rights and Accountability Project urging an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc over the reported missing funds.
“The narrative that these funds were lost under my watch is baseless,” Adelabu said in a statement signed by his media aide, Bolaji Tunji.
“The amounts referenced are from the 2022 financial audit report, which predates my appointment in August 2023.”
SERAP had urged President Bola Tinubu to direct the Attorney General, Lateef Fagbemi, and relevant anti-corruption agencies to probe the alleged diversion of public funds.
While the organisation did not accuse Adelabu personally, it flagged the situation as a serious breach of public trust, noting that Nigerians continue to bear the cost of mismanagement in the power sector.
Adelabu reaffirmed his commitment to transparency, stating, “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.”
He also highlighted his track record in upholding due process, accountability, and probity in both public and private roles.
According to SERAP, the audit report cited multiple questionable expenditures, including over N4.4 billion transferred to power project accounts without evidence of disbursement, N95.4 billion allegedly paid to contractors without documentation, and N33.5 million spent on foreign travel without approval.
Other irregularities involved vehicle procurement, consultancy fees, staff welfare spending, and contract awards lacking 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 added that failure to act could attract legal consequences, emphasizing the public interest in ensuring accountability.
