The Minister of Power, Adebayo Adelabu, has provided insight into how a private company allegedly retained N32 billion deposited into its account in 2003 for the procurement of three million prepaid meters. In a statement released by the minister’s Special Adviser, Bolaji Tunji, it was revealed 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 within three years.

However, despite the agreement, the project was not implemented, and the funds remained in the bank account of Ziklagsis at Prudent Bank, later moving to Skye Bank, Polaris, and eventually Providus Bank over the years. The unutilized funds prompted the government to explore other avenues, such as metering Ministries, Departments, and Agencies (MDAs), to accurately gauge their energy consumption and reduce accumulated debts.

In response to the privatization of distribution, Adelabu revealed that the government proposed metering military formations nationwide as part of debt settlement and energy management efforts. He clarified that the initiative was aimed at addressing the Nigerian Army's concerns regarding its substantial electricity debt and the need for metering their facilities.

Addressing reports suggesting procedural irregularities in the military formations' mass metering project, Adelabu emphasized that due process was followed. He recounted how the Nigerian Army, seeking intervention to settle outstanding debts and initiate metering, approached the presidency, prompting the government to allocate the N32 billion fund held by Ziklagsis for the project.

Subsequently, discussions commenced between the Nigerian Army, Ziklagsis, and De Haryor Global Services to undertake the metering project in Army barracks. Despite agreements being signed in November 2022, the allocated funds were not disbursed to the service provider, leading to delays in project execution.

Expressing concern over the prolonged retention of funds meant for a national project, Adelabu escalated the matter to the presidency for intervention. Following the President's approval, the retrieval of the revolving fund from Ziklagsis, along with accrued interest, was authorized. Consequently, N12.7 billion was earmarked for disbursement to De Haryor Global Services to initiate the installation of procured smart meters.

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