ABUJA, Jan. 6, 2026 (Naija247news) – Nigeria’s Minister of Power, Adebayo Adelabu, has clarified that the alleged N128 billion missing from the power sector occurred before his appointment, responding to calls by the Socio-Economic Rights and Accountability Project (SERAP) for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
Adelabu, appointed in August 2023, emphasised that the disputed funds are linked to the 2022 financial audit report, which predates the current administration. He urged SERAP to desist from what he described as “baseless speculation” and reaffirmed his commitment to transparency, accountability, and cooperation with legitimate inquiries into legacy issues.
Minister’s statement
In a statement signed by his media aide, Bolaji Tunji, Adelabu noted:
“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 highlighted his reputation for due process, probity, and accountability in both public and private sector roles and reiterated the ministry’s focus on delivering stable and reliable electricity to Nigerians.
SERAP’s allegations
SERAP had urged President Bola Tinubu to direct the Attorney General, Lateef Fagbemi, and relevant anti-corruption agencies to probe the alleged missing funds, which it described as a serious breach of public trust. The organisation suggested that any recovered funds be used to fund the 2026 budget deficit and help ease Nigeria’s debt crisis.
According to SERAP’s summary of the Auditor-General’s report, the alleged irregularities included:
- N4.4bn transferred to Mambilla, Zungeru, and Kashimbilla project accounts with no proof of expenditure
- N95.4bn paid to contractors without documentation or project verification
- N33.5m spent on foreign travel without proper approvals
- Over N230m spent on the GIGMIS platform
- N282m in non-personal advances exceeding statutory thresholds
- Multiple contract awards, consultancy fees, vehicle procurement, and staff welfare payments made without proper documentation or approvals
SERAP warned that failure to act could attract legal consequences, arguing that addressing corruption in the sector is critical to resolving persistent electricity challenges in Nigeria.
Adelabu reaffirmed his willingness to cooperate with investigations aimed at legacy issues while continuing to focus on reforms and reliable electricity delivery.
Babatunde Akinsola ✔
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports
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