Adelabu: N128bn did not go missing under my watch

Minister of Power, Adebayo Adelabu, says the alleged N128bn said to be unaccounted for in the power sector did not occur during his tenure.

Adelabu made the clarification on Monday in response to a call by the Socio-Economic Rights and Accountability Project (SERAP) for an investigation into the Ministry of Power and the Nigerian Bulk Electricity Trading Plc over the allegedly missing funds.

In a statement issued by his media aide, Bolaji Tunji, the minister said the financial issues cited by SERAP were contained in the 2022 audit report, which predates his appointment in August 2023.

He stressed that while he supports any legitimate probe, the matters raised “have no bearing on the operations or finances of the ministry under the current administration.”

The statement added that the minister remains committed to transparency and accountability and will cooperate with any process aimed at resolving legacy issues in the sector.

SERAP, in its earlier letter to President Bola Tinubu, urged the government to investigate the alleged infractions and channel any recovered funds towards reducing the 2026 budget deficit and easing the nation’s debt burden.

The organisation argued that the allegations suggest governance failures and undermine public trust, calling for accountability to improve service delivery in the power sector.