Private Firm Holds FG's N32bn Meter Fund for 20 Years - Adelabu

Minister of Power, Adebayo Adelabu
Minister of Power, Adebayo Adelabu facebook

The Minister of Power, Adebayo Adelabu, has elaborated on the issue of a private company holding onto N32 billion that was paid into its account in 2003 for the provision of three million prepaid meters.

In a statement by the minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, it was revealed that 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.

The agreement was not implemented while the fund was held in Ziklagsis' bank account at Prudent Bank before being transferred to Skye Bank, Polaris, and finally, Providus Bank according to the statement.

Adelabu stated that with the privatisation of distribution, the government planned to meter Ministries, Departments, and Agencies to accurately track their consumption and decrease debts. This initiative was the driving force behind metering military formations nationwide.

Adelabu clarified that despite reports suggesting otherwise, due process was indeed followed in the mass metering project of military formations that commenced last week. He also highlighted that the Nigerian Army, alarmed by its significant electricity debt, reached out to the presidency for help in clearing the outstanding debt and metering their formations.

He said that the Federal Government directed the ministry to investigate the Army's request and use the N32bn with Ziklagsis.

The Ministry of Power introduced Ziklagsis to the Nigerian Army, and during this time, De Haryor Global Services was introduced to promote collaboration between the two.

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