Private Company Allegedly Conceals N32 Billion Meter Fund Meant For Federal Government For Two Decades, Adelabu Claims

Private Company Allegedly Conceals N32 Billion Meter Fund Meant For Federal Government For Two Decades, Adelabu Claims....KINDLY READ THE FULL STORY HERE▶

Minister of Power, Adebayo Adelabu, has provided insights into the unresolved issue surrounding a private company allegedly withholding N32 billion earmarked for the provision of three million prepaid meters back in 2003.

In a statement released by the minister’s Special Adviser for Strategic Communications and Media Relations, Bolaji Tunji, it was revealed that a tripartite agreement was established between the Federal Government, Messrs Ziklagsis Network Limited, and Unistar International in 2003. The agreement aimed to supply three million meters to distribution companies within three years.

However, despite the funds being disbursed to Messrs Ziklagsis, the project was not executed as planned. The allocated funds remained stagnant in the company’s bank accounts, initially in Prudent Bank, later moving to Skye Bank, Polaris Bank, and currently, Providus Bank.

Adelabu explained that with the privatization of distribution, the government’s focus shifted towards metering Ministries, Departments, and Agencies (MDAs) to accurately monitor their power consumption and mitigate accumulated debts. As part of this initiative, military formations across the nation were targeted for meter installation.

Addressing allegations of procedural irregularities in the recent mass metering project for military formations, Adelabu clarified that the Nigerian Army, burdened by substantial electricity debts, had formally requested intervention from the presidency to settle outstanding bills and facilitate metering for their installations.

In response to the Army’s plea, the Federal Government directed the Ministry of Power to address the issue and utilize the N32 billion earmarked with Ziklagsis for this purpose.

The statement emphasizes the government’s commitment to resolving the metering challenges within the military sector and ensuring transparent and efficient use of allocated funds.

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