The Minister of Power, Adebayo Adelabu, has rejected the Socio-Economic Rights and Accountability Project (SERAP) allegation of a missing N128 billion, describing the claim as misleading and unsupported by facts.
The dismissal follows SERAP’s call for a probe into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET) over the alleged disappearance of the funds.
The minister urged SERAP to refrain from what he described as “baseless speculation,” stressing that the funds referenced were duly captured in the 2022 financial audit report, which predates his appointment.
In a statement issued on Monday, the Minister’s Media Aide, Bolaji Tunji, said the clarification became necessary after SERAP’s Deputy Director, Kolawole Oluwadare, called on President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside relevant anti-corruption agencies, to investigate claims that more than N128 billion in public fund
s were missing or diverted from the Ministry of Power and NBET.
While noting that SERAP did not directly accuse Adelabu of diverting the funds, the minister emphasized that the audit report relied upon by the organisation relates strictly to the 2022 financial year, before the inauguration of the current administration.
According to the statement, “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 N128 billion of public funds are missing or diverted from the Ministry of Power and the Nigerian Bulk Electricity Trading Plc.
“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.
“Consequently, the issues raised in the referenced audit report pertain entirely to a period before the minister’s tenure. The call for an investigation, therefore, has no bearing on the operations or financial activities of the Ministry under the current administration.”
The minister is “widely regarded for his strict adherence to due process, probity, transparency, and accountability, as demonstrated in his previous roles in both the public and private sectors, and remains resolute in safeguarding this reputation.”
The Office of the Honourable Minister reaffirmed its commitment to transparency and accountability, pledging full cooperation with any legitimate process aimed at resolving legacy issues in the power sector, while remaining focused on its mandate of delivering stable and reliable electricity to all Nigerians.
