₦128bn Not Missing Under My Watch — Adelabu Tells SERAP
The Minister of Power, Adebayo Adelabu, has rejected allegations by the Socio-Economic Rights and Accountability Project (SERAP) that ₦128 billion in public funds went missing in the power sector, insisting that the claim is misleading and predates his tenure.
Adelabu clarified that the allegation is anchored on the 2022 Auditor-General’s report, a period before he was appointed Minister of Power. According to him, it is inaccurate to attribute any purported financial discrepancies from that audit year to his administration.
“The ₦128bn referenced by SERAP did not occur under my watch,” the minister said, stressing that his assumption of office came after the audit period cited. He added that the report itself did not conclude that funds were stolen but raised audit observations that required clarification and reconciliation by the relevant agencies.
The minister explained that several of the issues flagged in the audit relate to legacy transactions, remittances, and accounting processes involving parastatals and agencies within the power sector, many of which are currently being reviewed and addressed.
Adelabu further assured Nigerians that his ministry is committed to financial discipline, transparency, and accountability, noting that ongoing reforms in the sector include tighter oversight, improved reporting standards, and collaboration with anti-corruption and audit institutions.
He also reaffirmed the Federal Government’s determination to stabilise electricity supply, attract investment, and ensure that public resources in the power sector are properly utilised for the benefit of Nigerians.
SERAP had earlier called on the Federal Government to probe what it described as missing funds in the power sector based on audit findings, a claim the minister now says should be correctly situated within its historical and administrative context.
