Private firm hoarded N32bn prepaid meter supply funds 20 years – FG

Adebayo Adelabu, the Minister of Power, disclosed how a private business withheld N32 billion intended for the provision of three million pre-paid metres for twenty years.

The Federal Government entered into a tripartite arrangement with Messrs. Ziklagsis Network Limited and Unistar International in 2003 for the provision of three million metres to distribution businesses, according to a statement from the minister’s office on Wednesday.

The statement clarified that even though Messrs. Ziklagsis received a N32 billion revolving metering loan, the terms of the arrangement were not honoured, and the money stayed in the company’s bank account.

“With the privatisation of distribution, the government proposed metering for Ministries, Departments, and Agencies (MDAs) to accurately determine consumption and reduce debts,” said Adelabu.

He clarified that the initiative to meter military formations was part of this plan.

In response to concerns that the military metering scheme was not following due process, Adelabu stated that the Nigerian Army had requested help because of its electrical debt. The ministry was instructed by the government to use N32 billion with Ziklagsis for the project.

Adelabu voiced worry over money intended for a national initiative being held by a single person for more than 20 years. He brought the matter to the attention of the president, who authorised the recovery of the money plus interest.

Consequently, N12.7 billion was to be paid to De Haryor Global Services in installments so that the metering project could start.

The statement continued, “The minister should be commended for his effort in ensuring the recovery of the revolving metre fund, which allowed the project to eventually take off.”