The Minister of Power, Adebayo Adelabu, has disclosed that a staggering sum of N32 billion, designated for the supply of three million prepaid meters in 2003, has been retained by a private company for over two decades.
According to Adelabu, the Federal Government had entered into a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the provision of meters to Electricity Distribution Companies (DisCos) within a three-year timeframe.
In a statement released by his spokesperson, Bolaji Tunji, on Wednesday, the minister outlined that the government had disbursed a “revolving metering loan” of N32 billion to Messrs Ziklagsis to initiate the project.
However, the agreement was not fulfilled, and the funds remained untouched in the bank account of Ziklagsis, initially held at Prudent Bank before transitioning to Skye Bank, Polaris, and eventually, Providus Bank.
Adelabu further highlighted that with the privatization of DisCos, the government proposed the metering of ministries, departments, and agencies (MDAs) to accurately gauge consumption and reduce outstanding debts.
Addressing recent reports alleging irregularities in the military formations’ mass metering project, Adelabu refuted claims of due process violation. He clarified that the Nigerian army, grappling with substantial electricity debts, had solicited assistance from the presidency to settle outstanding dues and implement metering in their installations.
The ministry was subsequently instructed by the federal government to investigate the army’s request and utilize the N32 billion earmarked with Ziklagsis.
Following presidential approval, Adelabu revealed that N12.7 billion was slated for release in installments to De Haryor Global Services to kick-start the installation of already acquired smart meters.
Expressing astonishment at the protracted retention of funds meant for a national project, Adelabu asserted his commitment to recovering the revolving meter fund, which had remained dormant for over two decades, thereby facilitating the project’s eventual commencement.
The minister called for acknowledgment of his endeavors in securing the retrieval of the long-standing fund, positioning it for utilization after years of dormancy.
