Energy
SERAP Drags Adelabu, NBET to Court Over Missing N128 Billion
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Minister of Power Mr Adebayo Adelabu and Nigerian Bulk Electricity Trading Plc., (NBET), Abuja “over the failure to account for the missing or diverted N128 billion of public funds from the Ministry of Power and NBET.”
The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025. Corruption contributes significantly to the frequent grid collapses, as Nigerians last week witnessed the first grid collapse of 2026, plunging the country into darkness.
In the suit number FHC/ABJ/CS/143/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel Mr Adelabu and NBET to account for the missing or diverted ₦128 billion from the ministry of power and NBET.”
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The SERAP is also seeking: “an order of mandamus to direct and compel Mr Adelabu and NBET to disclose details of how the missing or diverted ₦128 billion was spent including the dates of disbursement and the purported beneficiaries or contractors, who received the money as well as their registered business names and addresses.”
The SERAP is seeking: “an order of mandamus to direct and compel Mr Adelabu and NBET to disclose the full names, official designations, and offices of all public officers who authorized, approved, or otherwise participated in the release of the missing or diverted ₦128 billion in the ministry of power and NBET.”
In the suit, the SERAP is arguing that: “Nigerians continue to pay the price for the widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
The SERAP is also arguing that, “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.”
The SERAP is arguing that, “granting the reliefs sought would also strike a blow against the impunity of those responsible for the missing or diverted public money meant to provide Nigerians with access to regular and uninterrupted electricity supply.”
According to the SERAP, “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 lawsuit filed on behalf of the SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”
“According to the recently published 2022 audited report by the Auditor-General of the Federation, the Federal Ministry of Power failed to account for over N4.4 billion [N4,404,647,938.53] ‘transferred to Mambilla, Zungeru and Kashimbilla project accounts by the Ministry.’”
“There was ‘no evidence of how the funds were expended.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“The Ministry also paid over N95 billion [N95,415,183,701.83] to ‘some contractors for various projects.’ But ‘there was no document on the payments, and no evidence that the projects existed and were executed.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”
“The Ministry paid over N33 million [N33,557,959.00] ‘for foreign travels’, but ‘without any approvals.’ The money ‘was paid as estacode, flight tickets, visa fees and other allowances to enable the minister and his aides to attend the World Utilities Congress at Abu Dhabi and Huawei innovation land exhibition in Dubai.”
“The travels ‘were never approved by the Secretary to the Government of the Federation or the Head of Civil Service.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“The Ministry failed to account for over N230 million [N230,795,255.27] being ‘expenditure on the GIGMIS platform.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“The Ministry also paid over N282 million [N282,672,576.53] as ‘non-personal advances to various staff of the ministry for the procurement of goods and services.’ But the ‘payments were beyond the statutory threshold of N200,000.00.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”
“The Nigerian Bulk Electricity Trading Plc., (NBET) Abuja also ‘irregularly awarded contracts for over N427 million [N427,491,866.16]. There was ‘no evidence of advert placements in the procurement journal’.”
“The Auditor-General fears ‘the contracts may have been awarded to incompetent contractors’, resulting in ‘loss of government funds.’”
“NBET ‘irregularly transferred over N7 billion [N7,620,840,000.00] into purported sub-accounts of unnamed beneficiaries.’ There was also ‘no authority for such payment, contrary to the Financial Regulations.’”
“NBET claimed it paid over N9.3 billion [N9,336,986,697.17] to Egbin Power PLC ‘as outstanding payment on GenCos for Power Sector Reform Programme.’ But there ‘was no document to authenticate the genuineness of the transactions.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”
“NBET paid over N8 billion [N8,027,355,487.20] ‘to some beneficiaries’ but ‘without entering the transaction into the payment vouchers register and the vote book.’ The Auditor-General fears ‘the money may have been diverted and misapplied.’ He wants the money recovered and remitted to the treasury.”
“NBET also reportedly ‘awarded contracts of over N420 million [N420,665,525.65] to eleven ineligible consultants.’ The payments ‘were for various consultancy services such as technical support on power plant capacity testing of 5 power plants.’ But there was ‘no evidence that the services paid for were rendered.’”
“The ‘engagement of the consultants also failed to meet due process as required by the Procurement Act.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“NBET also failed to account for ‘payments of over N45 million [N45,851,647.92] as contingency, logistics and security charges for six contracts.’ The payments were ‘made without any application from the contractors and without any approval.’”
“There was ‘no breakdown of the expenditure’. The Auditor-General fears ‘the money may have been diverted’ or the payments ‘may be for work not done.’ He wants the money recovered and remitted to the treasury.”
“NBET spent over N61 million [N61,775,659.75] from the capital vote on consultancy services but without any provision made for it in the approved capital budget of the company.’ The ‘payments were also made without any approval for virement.’ The Auditor-General fears ‘the money may have been diverted’ or ‘may have been misapplied.’ He wants the money refunded to the treasury.”
“NBET also ‘irregularly awarded contract of over N39 million [N39,661,081.83] for the supply and installation of a video conferencing solution to the NBET office.’ But ‘there was no evidence of any work done.’”
“The same contract ‘was re-awarded to another contractor without any open competitive bidding, such as advertisement, quotations, and financial bid evaluation.’ There was also ‘no evidence that any job was completed.’’”
“NBET ‘paid over N49 million [N49,995,000.00] for the supply of three units of Toyota Corolla, 2019 model’, but the contract was awarded without any approval.’ There was ‘no Bureau of Public Procurement approval, minutes of tenders board approvals and technical and financial evaluation reports.’”
“NBET also ‘paid over N8 million [N8,744,186.05] as legal fees to a legal practitioner.’ But the payment was ‘without the approval of the Minister of Justice and Attorney General of the Federation.’”
“NBET also ‘irregularly paid over N8.9 million [N8,928,000.00] for the professional development program of five officers working in the organization.’ The payment ‘was made as reimbursement of the balance of the course fee.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”
“NBET also spent over N1 billion [N1,100,279,895.20] ‘as extra-budgetary spending’, but without any approval from the Minister of Finance and the National Assembly.’ The Auditor-General fears ‘the money may have been misappropriated and misapplied.’ He wants the money refunded and remitted to the treasury.”
“NBET also ‘paid over N110 million [N110,556,502.00] to companies and retail supermarkets for staff to pick items and promotion packages for Easter and Salah between 2021 and 2022.’ The payments ‘were made without any document.’’”
“Section 13 of the Nigerian Constitution imposes responsibility on the ministry of power and NBET to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on the ministry and NBET to abolish all corrupt practices and abuse of power.”
“Article 26 of the UN Convention against Corruption which Nigeria has ratified requires the ministry of power and NBET to ensure ‘effective, proportionate and dissuasive sanctions’ in cases of grand corruption.”
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
No date has been fixed for the hearing of the suit.
The need to unlock Africa’s upstream potential has seen a call for stronger partnerships between governments, regulators, operators, and host communities.
General Manager (GM), Security, Government & External Relations at Oando Energy Resources, Kofo Olagunju, made the call during a panel discussion at the Africa Oil Week (AOW Energy) in Accra, Ghana.
The AOW held with the theme: “Building Dialogue, Leadership: Exploring the Challenges of Both Government and Private Sector Frameworks for Upstream Development,” Olagunju said such collaboration was critical to unlocking investment and driving sustainable growth across Africa’s upstream sector.
The discussion examined how African governments and private sector players can better align policies, regulatory frameworks, and commercial priorities to create the certainty required to attract investment and accelerate upstream development across the continent.
Olagunju argued that the relationship between regulators and operators must evolve beyond traditional oversight towards a more constructive partnership built on mutual understanding and shared responsibility.
“What we have seen in recent years is a growing recognition by both operators and regulators that we are ultimately working towards a shared objective.
Real progress requires genuine partnership, one in which regulators understand the operational realities and challenges faced by the industry, while operators remain mindful of the broader developmental and regulatory priorities governments are seeking to advance.”
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Olagunju, was joined on the panel by Cany Jobe, Director General, Petroleum Commission, The Gambia; IK Innocent Kihika, Board Member, Petroleum Authority of Uganda; Joe Kofi Mensah, Senior Vice President (SVP) & Head, Ghana Business Unit, Kosmos Energy; and Liz Ross, GM, New Ventures Exploration & M&A, Africa & Europe, CNOOC International.
From an investor perspective, Joe Kofi Mensah, SVP & Head, Ghana Business Unit, Kosmos Energy, outlined the conditions required to create an environment capable of attracting long-term capital. “Creating an environment that attracts and sustains investment requires four critical elements: regulatory stability, speed, ease of doing business, and competitive fiscal terms. These factors must work together to create the certainty investors need to commit capital for the long term.”
Addressing the regulatory perspective, Cany Jobe, Director General, Petroleum Commission, The Gambia, challenged the notion that governments must choose between protecting national interests and attracting investment. “Protecting national interests and enabling investment should not be viewed as competing objectives. A strong regulatory framework must achieve both, creating value for resource owners while providing investors with the clarity, predictability and commercial viability required to operate successfully.”
Turning to the role of host communities, Olagunju highlighted the shift towards deeper community participation in the success and sustainability of upstream operations. “Host communities have evolved from being neighbours to the resources, to stakeholders in the development process, and increasingly, to shareholders in the success of our operations.”
He stressed that sustainable operations depend on relationships that extend beyond regulatory compliance and transactional engagement. “For our operations to thrive, host communities must be integral partners in the journey. That requires more than compliance. It requires transparency, trust, and a shared understanding of the value that responsible resource development can create.”
The panel concluded with a call for African energy stakeholders to move beyond dialogue towards practical action, strengthening partnerships, and aligning regulatory and commercial frameworks to unlock responsible investment and long-term growth.
The AOW: Energy brings together African governments, energy companies, investors and industry stakeholders for critical dialogue on the opportunities and challenges shaping the continent’s upstream energy sector. Its 2026 edition provided a platform for dialogue on investment, policy, exploration, and the development of Africa’s energy resources.
Oando continues to bring its operational experience and indigenous perspective to critical industry conversations, advocating for the partnerships, policy certainty, and collaborative frameworks needed to unlock Africa’s energy potential, strengthen energy security, and deliver sustainable value for governments, investors, and host communities.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has credited the NLNG/SEPNU with leading the rise in Nigeria’s domestic cooking gas supply, which peaked at 5,332 tonnes per day in July 2026.
The NMDPRA’s July 2026 midstream and downstream statistics showed that total liquefied petroleum gas supply increased from 5,100 tonnes per day in June to 5,332 tonnes per day in July.
The NLNG/SEPNU supplied 2,031 tonnes per day through vessels, representing about 38 per cent of the total supply during the month.
Other processing plants supplied 1,513 tonnes per day through trucks, while the Dangote Petroleum Refinery and Petrochemicals (DPRP) supplied 829 tonnes per day.
Imports accounted for 959 tonnes per day.
The figures showed that domestic sources supplied 4,373 tonnes per day, representing about 82 percent of the total LPG supply in July, while imports accounted for the remaining 18 percent.
The July supply level was the highest recorded in the 13-month period covered by the NMDPRA data.
LPG supply stood at 4,500 tonnes per day in July 2025 before rising to 5,000 tonnes in August and declining to 3,900 tonnes in September last year.
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It subsequently increased to 4,500 tonnes in October, 5,000 tonnes in November and 5,200 tonnes in December.
In January 2026, supply stood at 5,100 tonnes per day before falling to 4,700 tonnes in February and March, 4,500 tonnes in April and 4,100 tonnes in May.
The supply level then rose to 5,100 tonnes per day in June before reaching 5,332 tonnes in July.
The latest figures indicate a continued strengthening of domestic LPG supply, with local sources now accounting for the bulk of the cooking gas available in the country.
However, our correspondent reports that LPG prices have yet to fall below the N1,000 per kilogramme level after the sudden surge in May.
Though prices have plunged from a high of N2,400/kg to between N1,300 and N1,600, depending on location.
The NLNG recently accused some marketers of contributing to the sharp rise in the price of cooking gas by buying liquefied petroleum gas from the company at prices between N800 and N900 per kilogramme and selling it for as much as N2,400/kg in the retail market.
The Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, disclosed this during a recent media briefing in Lagos, where he attributed the price spike to supply shortages, artificial scarcity and distortions in the distribution chain rather than the company’s pricing.
According to him, when the retail price of LPG climbed to N2,400/kg, the NLNG was selling the product to buyers at between N800 and N900/kg. He said the price was supposed to be in the range of N1,000 to N1,200, going by the recommendation of the NMDPRA.
“When the product was being sold at N2,400 in the market, guess how much they (marketers) were lifting it from us? It was between N800 and N900 per kg. And NMDPRA recommended that by the time you put in transportation costs and all other things, it shouldn’t be selling more than N1,000, N1,100 or N1,200. So, there’s also some distortion that happened on the sales side, which I know the regulators are working on right now to get control of it,” he stated.
On Tuesday, renewed escalation of the conflict between the United States and Iran pressured oil prices to over $94/barrel.
Current hostilities which witnessed American air strikes on Iranian targets and triggered global concerns of disruption to crude supplies through the Strait of Hormuz.
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Brent crude rose $4.06, or 4.49 percent, to $94.55 a barrel, while West Texas Intermediate gained $4.44, or 5.18 percent, to $90.20 a barrel. Murban crude also surged by $7.19, or 7.30 percent, to $105.60 a barrel, according to Oilprice.com.
The rally followed the United States’ fresh strikes on Iran, with Washington saying its forces had targeted the Islamic Revolutionary Guard Corps IRGC).
“Today (Tuesday) at 12 p.m. ET (1600 GMT), US forces began striking Islamic Revolutionary Guard Corps targets in Iran.
“The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region,” the US Central Command said.
The latest attacks have raised fresh concerns about the security around the Strait of Hormuz, a critical route for global oil supplies. Oil prices had already risen following the exchange of attacks between the two countries over the weekend, while reports of attacks on tankers further fuelled supply concerns.
Reuters reported that two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while travelling outbound through the Strait of Hormuz late on Monday, according to shipping intelligence and tracking firms.
Following the reports, Brent crude futures, which were already up about two percent, jumped by almost another two percent.
Iran has also threatened to prevent oil exports from the Gulf if the US continues its attacks. “If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil,” Iranian Parliament Speaker Mohammad Baqer Qalibaf was quoted as saying by Iranian media.
The renewed confrontation has heightened fears that the six-month-old conflict could escalate into a wider war and threaten crude supplies from the oil-rich Gulf region.
The conflict had previously shifted towards sanctions, blockades and economic pressure, but the latest exchange of attacks has raised concerns about a return to sustained military confrontation.
US President Donald Trump warned Iran that it would face a stronger response if it retaliated against the latest American strikes.The US strikes came after Iranian missiles were fired at two US air bases in Jordan in response to an earlier American attack on Iran’s Larak Island.
The latest escalation also coincided with plans by Washington to impose additional economic sanctions on Tehran. US Treasury Secretary Scott Bessent said bank sanctions against Iran were likely to be announced this week and next, while warning that Washington would also target other entities doing business with the Islamic Revolutionary Guard Corps.
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