Private Firm Allegedly Held N32 Billion Meter Supply Fund For 20 Years – Adelabu

Private Firm Allegedly Held N32 Billion Meter Supply Fund For 20 Years – Adelabu

In a startling revelation, the Minister of Power, Adebayo Adelabu, has disclosed that a private company retained N32 billion earmarked for the supply of three million prepaid meters since 2003……READ ALSO Nigerian Government Addresses Criticism Of MoU With UK Firm For PH-Abuja Rail Line

According to Adelabu, the federal government had entered into a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 to provide meters to Electricity Distribution Companies (DisCos) within a three-year timeframe.

In a statement issued on Wednesday by his spokesperson, Bolaji Tunji, the minister revealed that the federal government had disbursed a “revolving metering loan” of N32 billion to Messrs Ziklagsis to initiate the project.

However, the agreement remained unimplemented, and the funds lay dormant in the bank account of Ziklagsis at various banks over the years.

Adelabu emphasized that amidst the privatization of DisCos, the government proposed metering ministries, departments, and agencies (MDAs) to accurately gauge their electricity consumption and alleviate accumulated debts.

Addressing concerns over due process in the military formations’ mass metering project, Adelabu clarified that the Nigerian army had sought assistance from the presidency to settle its electricity debts and meter its installations.

Upon instruction from the federal government, the ministry embarked on investigations and sought to utilize the N32 billion fund with Ziklagsis.

Following approval from the President, Adelabu revealed that N12.7 billion was slated to be released to De Haryor Global Services in phases to kickstart the installation of already procured smart meters.

Expressing dismay over the prolonged retention of funds meant for a national initiative, Adelabu underscored the importance of recovering the revolving meter fund, enabling the project’s eventual commencement.

The minister called for commendation for his efforts in securing the recovery of the fund, which had remained dormant for over two decades, facilitating the project’s long-awaited implementation

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