₦128bn Power Funds Allegation: Minister’s Aide Says SERAP Report Targets 2022 Audit, Not Tinubu Administration

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The Ministry of Power has dismissed growing public speculation surrounding allegations of missing or diverted public funds amounting to over ₦128 billion, clarifying that the audit report cited by the Socio-Economic Rights and Accountability Project (SERAP) relates to the 2022 financial year and predates the current administration.

SERAP, in a statement signed by its Deputy Director, Kolawole Oluwadare, had called on President Bola Ahmed Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to investigate the alleged financial irregularities involving the Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).

Responding to the call, the Office of the Honourable Minister of Power urged the public to avoid what it described as “baseless speculation,” stressing that the claims have no connection to the present leadership of the ministry.

In a statement issued by Mr. Bolaji Tunji, Special Adviser on Strategic Communications and Media Relations to the Minister of Power, the ministry noted that Chief Adebayo Adelabu assumed office in August 2023, more than a year after the period covered by the audit report in question.

“Our attention has been drawn to SERAP’s call for an investigation into allegations that over ₦128 billions of public funds are missing or diverted from the Ministry of Power and NBET,” the statement read. “While the Honourable Minister has no objection to any legitimate investigation, it is important to state clearly that the audit report referenced by SERAP relates strictly to the 2022 financial year, long before the appointment of the current Minister.”

The statement emphasized that the issues raised in the report concern a previous administration and therefore do not reflect the financial activities or operations of the Ministry of Power under the current government.

The ministry reaffirmed its commitment to transparency, accountability, and due process, assuring Nigerians that it would fully cooperate with any credible inquiry aimed at resolving legacy challenges within the power sector. At the same time, it stressed that the present leadership remains focused on its mandate of improving electricity generation, transmission, and distribution across the country.

Mr. Tunji further highlighted that Chief Adelabu is widely regarded for his integrity and strict adherence to probity, transparency, and accountability, a reputation built over years of service in both the public and private sectors.

The clarification comes amid heightened public interest in governance and financial accountability, as Nigerians continue to scrutinize the handling of public funds and demand reforms in the country’s power sector.