Private Company Withheld Nigerian Govt’s N32bn Meter Fund For 20 Years – Minister of Power, Adebayo Adelabu

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Private Company Withheld Nigerian Govt’s N32bn Meter Fund For 20 Years – Minister of Power, Adebayo Adelabu

The Minister of Power, Adebayo Adelabu has opened up that a private company withheld N32 billion belonging to the federal government for 20 years.

He said the money was paid into the private company's account in 2003 for the supply of three million prepaid metres.

On Wednesday, the Minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, disclosed this in a statement while responding to the controversial N40 billion meter contract award to a foreign firm, De Haryor Global Services.

He explained that the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 to supply three million meters to distribution companies in the country within three years.

He said the Federal Government kick-started the project and a revolving metering loan of N32 billion was released to Messrs Ziklagsis.

However, he stated that the project, which is targeted at providing metres for Army formations nationwide, did not kick-off.