Minister of Power, Adebayo Adelabu, recently uncovered a shocking revelation regarding a private company that had been holding onto a staggering N32 billion meant for the supply of three million prepaid meters since 2003.
In a statement released by the minister’s Special Adviser, Bolaji Tunji, it was revealed that the Federal Government had entered into a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International back in 2003. The agreement was for the supply of three million meters to distribution companies within the country over a period of three years. However, despite the release of a revolving metering loan of N32 billion to Messrs Ziklagsis to kick start the project, it was never implemented, and the funds remained untouched in the company’s bank account for over two decades.
With the recent privatization of distribution, the government decided to focus on metering Ministries, Departments, and Agencies to accurately track their consumption and reduce accumulated debts. This initiative also extended to metering military formations nationwide. Adelabu clarified that due process was followed in the mass metering project of military formations, which began last week, after the Nigerian Army requested intervention to settle their outstanding electricity debt and meter their formations.
The Ministry of Power was directed by the Federal Government to utilize the N32 billion with Ziklagsis for the project. However, despite an agreement being signed between the Nigerian Army, Ziklagsis, and De Haryor Global Services for the metering projects in Army barracks at a cost of N12.7 billion, the funds were not released to the service provider. Adelabu, upon discovering the situation, took immediate action and escalated the matter to the presidency for the retrieval of the funds, which was approved by the President. Subsequently, N12.7 billion was to be released in tranches to De Haryor Global Services to commence the installation of the smart meters.
The Minister’s relentless efforts in recovering the long-held funds have paved the way for the eventual take-off of the project, addressing the significant meter gap in the country and alleviating the liquidity squeeze in the Nigeria Electricity Supply Industry. Adelabu’s commitment to ensuring accountability and transparency in the power sector deserves commendation, as he continues to strive for the efficient delivery of electricity services to the Nigerian populace.
