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SERAP Sues Adelabu, NBET Over Alleged Missing N128bn

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Adebayo Adelabu

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Minister of Power, Mr Adebayo Adelabu, and the Nigerian Bulk Electricity Trading (NBET) Plc before a Federal High Court in Abuja over their failure to account for an alleged missing N128 billion public funds.

The group in a statement on Sunday by its Deputy Director, Mr Kolawole Oluwadare, said the suit, marked FHC/ABJ/CS/143/2026, was filed last Friday following allegations contained in the Auditor-General of the Federation’s report published on September 9, 2025.

In the lawsuit, SERAP is seeking an order of mandamus compelling Mr Adelabu and NBET to account for what it described as “the missing or diverted N128bn from the Ministry of Power and NBET.”

The organisation is also asking the court to direct the defendants to disclose “details of how the missing or diverted N128bn was spent, including the dates of disbursement and the purported beneficiaries or contractors who received the money.”

SERAP further urged the court to compel the disclosure of “the full names, official designations and offices of all public officers who authorised, approved or otherwise participated in the release of the missing or diverted N128bn.”

According to the group, Nigerians have continued to suffer the consequences of corruption in the electricity sector, particularly amid recurring grid collapses and erratic power supply.

“Nigerians continue to pay the price for the widespread and grand corruption in the power sector,” the group said, adding that “there is a legitimate public interest in ensuring justice and accountability for these grave allegations,” arguing that granting the reliefs sought would help tackle systemic failures in the sector.

“Granting the reliefs sought would contribute to tackling corruption in the power sector and addressing the persistent breakdown of transmission lines in the country, as well as improving access of Nigerians to regular and uninterrupted electricity supply,” it stated.

The group further warned that corruption has deepened hardship for electricity consumers, noting that “ordinary Nigerians continue to pay the price for corruption in the electricity sector—staying in darkness, but still made to pay crazy electricity bills.”

The suit, filed by SERAP’s lawyers, Mr Kolawole Oluwadare, Ms Kehinde Oyewumi and Mr Andrew Nwankwo, relied heavily on findings from the Auditor-General’s 2022 audited report, which detailed multiple alleged financial irregularities involving the Ministry of Power and NBET.

The organisation stressed that public institutions are legally bound to ensure transparency, accountability, and the abolition of corrupt practices.

No date has been fixed for the hearing of the suit.

Business Post had reported earlier that Mr Adelabu claimed that the missing money happened prior to his appointment as the minister of power.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Reps Okay N248.6bn Relief, 10-Year Debt Plan for Ikeja Electric, Two Others

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Ikeja Electric

By Adedapo Adesanya

The House of Representatives, via its Public Accounts Committee, has approved a N248.6 billion financial relief package alongside a 10-year debt restructuring plan for Kano, Jos and Ikeja Electricity Distribution Companies (DisCos).

The decision followed the adoption of a report by a technical subcommittee set up to review findings in the 2021 Auditor-General’s report, which highlighted rising indebtedness among electricity distribution firms.

The approved framework covers N128.57 billion in accrued interest spanning 2015 to September 2025, as well as N120.06 billion in historical debts. This brings the combined liability of the three DisCos to N248,637,089,278.83.

Chairman of the subcommittee, Mr Mark Chidi Obetta, said the intervention is aimed at stabilising Nigeria’s electricity market and addressing legacy financial burdens affecting the sector.

He noted that the measure forms part of broader legislative efforts to restore financial sustainability within the power distribution segment.

Findings from the report indicate that the total debt owed by the country’s 11 DisCos rose from N1 trillion in December 2024 to N1.3 trillion as of September 2025, covering both principal and accrued interest.

According to data from the Nigerian Bulk Electricity Trading Company (NBET), Abuja DisCo owes N275.16 billion, Kaduna DisCo N303.8 billion, and Jos DisCo N104.37 billion. Kano DisCo’s debt stands at N96.62 billion, while Ikeja DisCo owes N47.63 billion.

The committee said its investigation was designed to verify the Auditor-General’s claims, determine the current debt profile of the DisCos, and uncover reasons for persistent defaults in payment obligations.

During the review, Jos, Ikeja and Kano DisCos challenged the imposition of interest charges, arguing that existing Market Rules did not expressly provide for such penalties. This prompted regulatory clarification from the Nigerian Electricity Regulatory Commission (NERC).

In a directive issued in January 2026, NERC instructed NBET not to charge interest on outstanding invoices between 2015 and 2020, but permitted interest charges on debts from 2021 onward.

The regulator also ordered that interest linked to delays associated with Meristem be disregarded, directing NBET to recompute liabilities, including the N128 billion interest attributed to the three DisCos.

As part of the resolution, the committee recommended that the affected DisCos restructure their N120.06 billion historical debts over a period not exceeding 10 years.

It further directed that N13.39 billion in liabilities incurred by Kano DisCo during its period under government receivership be transferred to the Nigerian Electricity Liability Management Company (NELMCO), in line with established sector precedents.

The committee also called on NERC to mandate NBET to waive N128.57 billion in interest accrued between 2015 and September 2025, citing the escrow arrangement under which DisCos do not have direct access to their revenue collections.

Chairman of the Committee, Mr Bamidele Salam, urged all electricity distribution companies to meet their market obligations going forward, warning that failure to implement urgent financial and regulatory reforms could further threaten the sustainability of the sector.

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Glovo Holds Future of Commerce Summit 2.0 April 22 in Lagos

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Glovo Future of Commerce Summit

By Modupe Gbadeyanka

On Wednesday, April 22, 2026, the Future of Commerce Summit 2.0, put together by a leading technology platform, Glovo, will take place at the Landmark Events Centre, Victoria Island, Lagos.

Government stakeholders, policymakers, entrepreneurs, industry leaders, and innovators will gather for the second time to explore emerging trends, opportunities, and challenges shaping the commerce and logistics landscape.

At the inaugural edition last year, participants across Nigeria’s technology, digital, and commerce ecosystems had a meaningful dialogue on the future of commerce and innovation in the country.

A statement from the organisers assured that this year’s programme would be bigger and better as it would spotlight the role of digital platforms in driving economic growth, empowering small and medium-sized businesses (SMBs), and accelerating Nigeria’s digital transformation.

Speaking about the planned summit, the Interim General Manager of Glovo Nigeria, Ms Reni Onafeko, said that the event reflects the company’s commitment to empowering small and medium-sized businesses (SMBs), which are widely regarded as the backbone of Nigeria’s economy, with access to tools, insights, and digital infrastructure.

She explained that Future of Commerce 2.0 will focus on scaling impact across Nigerian cities, leveraging technology to drive inclusive growth and expand access to digital commerce opportunities.

“At Glovo, we are deeply committed to empowering local businesses and creating opportunities for SMBs to thrive in an increasingly digital economy. Nigeria’s commerce ecosystem is evolving rapidly, driven by innovation and a new generation of entrepreneurs.

“The Future of Commerce Summit 2.0 reflects our vision of fostering collaboration and equipping entrepreneurs with the tools and insights needed to scale sustainably.

“Through this platform, we aim to amplify the voices of businesses and drive impactful conversations that will shape the future of commerce in Nigeria,” Ms Onafeko noted.

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My Administration Will Uphold Tenets of Democracy—Tinubu

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President Tinubu renewed hope ambassadors

By Aduragbemi Omiyale

President Bola Tinubu has assured that his government would uphold the tenets of democracy, including the rule of law, the separation of powers and the rights of all citizens.

He gave this assurance on Thursday when he received a delegation of the Renewed Hope Ambassadors led by Governor Hope Uzodimma of Imo State at the State House in Abuja.

He used the occasion to also reaffirm his commitment to building a stable, peaceful, and prosperous nation, assuring that the well-being of Nigerians remains his top priority, stating that the political and economic structures that have long undermined the citizens’ prosperity are being steadily replaced through the realignment of the economy to enable full participation.

“We cannot submit to disobedience of a lawful order of the court; we must embrace the judiciary, whether it favours us or not. We submit to this principle of democracy, separation of powers, and understanding of the dynamics of it, and the nationhood that Nigeria is, that we must build one country. That’s what Renewed Hope is all about. You must give them that hope.

“There’s no other path for us to attain national greatness other than to build one common vision for the progress and prosperity of our people. That is what we must do,’’ Mr Tinubu stated.

The President charged the group to continue sensitising and mobilising citizens, especially at the grassroots, on the government’s efforts to improve their livelihoods through economic reforms.

“You represent the conscience of a nation that wants to break the shackles of poverty and hopelessness,” he disclosed at the event, which also had in attendance Vice President Kashim Shettima and the National Chairman of the ruling All Progressives Congress (APC), Mr Nentawe Goshwe Yilwatda.

Mr Tinubu reiterated that his government is guided by a clear vision to foster inclusive growth, create opportunities for youth, and ensure that every Nigerian—regardless of background or region—has a stake in the country’s future.

He encouraged citizens not to be discouraged by the misinformation championed by the opposition elements in the country, saying the great accomplishments witnessed in modern times were achieved through visionary leadership, assuring that Nigeria is in safe hands.

To the opposition, he said: “They want to scare me off? It’s a lie. I’ve been through this path before. And if I have to come back over and over and over again, I’ll do the same thing.

“There is no better place than your own country. And no one can build it except you. We saw great things, skyscrapers. We wonder how the plane takes off and flies us from one destination to another. There was no magic of yesterday. It is the thinker of tomorrow and the future that can elevate life, that can reform us all.

“And being the transformative leaders that you are, you are in good company. Don’t be afraid. I’ve listened to you.  I didn’t have to look back on the economy because the truth is, I took over from myself. The late Buhari was me. He was my partner.

“And if I took over from him. Is that not from me? So, if something is wrong, fine. Live with it, correct it, move on. The life voyage is not going to be easy. I can only stand before you and say you will not regret it. That is why we ask you to renew their hope.

“If they don’t want to see the hope and the roads and bridges, and the children we raise, the economy we are growing, we shall lend them Jigi-Bola, eyeglasses. One thing that you need from me is a promise that I won’t run away from the affair. With you, the deal is done.”

Turning to the Renewed Hope Ambassadors, President Tinubu promised to be their greatest champion, noting that, “We act as one family. You represent a conscience, a nation that wants to break the shackles of poverty, ignorance, and hopelessness. You are in a good company. That’s all I can say. And all I can promise is I won’t give up.”

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