The Minister of Power, Adebayo Adelabu, has said that the alleged N128bn reported missing in the power sector did not occur under his watch.

Adelabu made this clarification on Monday in response to a call by the Socio-Economic Rights and Accountability Project for a probe into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc over the reportedly missing funds.

The minister urged SERAP to desist from what he described as “baseless speculation,” stating that the funds in question were captured in the 2022 financial audit report, which predates his appointment as minister.

In a statement signed by his media aide, Bolaji Tunji, Adelabu said the clarification became necessary following a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, calling 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 allegations that over N128bn in public funds were missing or diverted from the Ministry of Power and NBET.

Although SERAP did not accuse Adelabu of diverting the funds, the minister said the audit report upon which the organisation based its request relates strictly to the 2022 financial year, before the inauguration of the current administration.

“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 N128bn 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 Office of the Honourable Minister reaffirms its commitment to transparency and accountability and will cooperate fully with any legitimate process aimed at addressing legacy issues in the power sector, while remaining focused on its mandate of delivering stable and reliable electricity to all Nigerians,” the statement said.

The statement further emphasised that the minister was “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.”

Earlier, SERAP had, in a letter, urged the president to “use any recovered diverted funds to fund the deficit in the 2026 budget and to ease Nigeria’s crippling debt crisis.”

According to the organisation, the alleged financial infractions point to deep-rooted governance failures in the power sector.

“Nigerians continue to pay the price for the widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the letter read.

SERAP argued that addressing corruption in the sector would help resolve persistent electricity challenges.

“Tackling corruption in the power sector would go a long way in addressing the persistent breakdown of transmission lines in the country and improving access of Nigerians to a regular and uninterrupted electricity supply,” it stated.

The organisation described the allegations as a serious breach of public trust, raising constitutional and legal concerns.

“These allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations,” SERAP said.

According to excerpts from the Auditor-General’s report cited by SERAP, the Ministry of Power allegedly failed to account for over N4.4bn transferred to the Mambilla, Zungeru and Kashimbilla project accounts, with “no evidence of how the funds were expended.”

The report also flagged N95.4bn allegedly paid to contractors without documentation or proof of project execution, as well as N33.5m spent on foreign travel without approval from the Secretary to the Government of the Federation or the Head of Civil Service.

Other questionable expenditures cited include over N230m spent on the GIGMIS platform, N282m in non-personal advances allegedly exceeding statutory thresholds, and multiple payments made without proper approvals or supporting records.

At the Nigerian Bulk Electricity Trading Plc, the Auditor-General reportedly raised concerns over irregular contract awards, unexplained transfers into sub-accounts, payments lacking procurement approvals, and consultancy fees for services allegedly not rendered.

In all, the allegations span contract awards, consultancy services, travel expenses, vehicle procurement, legal fees, staff training and welfare-related spending, with the Auditor-General repeatedly warning that the funds “may have been diverted” or “misapplied.”

SERAP warned that failure to act could attract legal consequences.