Allegation rocks metering funds as Adelabu accuses private firm of witholding N32bn

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A bombshell allegation has rocked the Nigerian power sector, with Senator Kolawole Adelabu claiming a private firm withheld N32 billion meant for electricity metering for a staggering 20 years.

Senator Adelabu, who chairs the Senate Committee on Power, made the accusation during a Senate hearing on Wednesday.

According to a statement by the minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, on Wednesday, the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the supply of three million meters to distribution companies in the country, within three years.

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The statement indicated that to kick start the project, a revolving metering loan of N32bn was released to Messrs Ziklagsis.

“The agreement was not implemented while the fund remained in the bank account of Ziklagsis at the then Prudent Bank from where it moved to Skye Bank, Polaris and lately, Providus Bank,” the statement read.

The N32 billion reportedly originated from funds collected by the Federal Government specifically for the procurement and installation of electricity meters. This initiative aimed to address the widespread problem of estimated billing, a contentious issue for many Nigerians.

Senator Adelabu’s accusation implies a significant lapse in oversight and raises questions about the firm’s motives for withholding the funds. The missing money could have significantly improved Nigeria’s metering infrastructure, potentially curbing billing disputes and promoting transparency in the electricity sector.

The Senate has reportedly summoned the implicated firm to appear before the Committee on Power to answer the allegations. This development is likely to trigger an investigation into the matter, with Nigerians eager for answers and potential repercussions for those involved.