Economy

Jonathan, Obasanjo And Yar’Adua Looted N11tr Meant For Electricity-SERAP

Published

7 years ago

August 9, 2017

A new report by the Socio-Economic Rights and Accountability Project (SERAP) has revealed how over N11 trillion meant to provide regular electricity supply was allegedly squandered under the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan.

According to the 65 pages report that was launched today in Lagos, ‘the total estimated financial loss to Nigeria from corruption in the electricity sector starting from the return to democracy in 1999 to date is over Eleven Trillion Naira (N11 Trillion Naira). This represents public funds, private equity and social investment (or divestments) in the power sector. It is estimated that may reach over Twenty Trillion Naira (N20 Trillion Naira) in the next decade given the rate of Government investment and funding in the power sector amidst dwindling fortune and recurrent revenue shortfalls.”

The report titled: From Darkness to Darkness: How Nigerians are Paying the Price for Corruption in the Electricity Sector was presented by Yemi Oke, Ass. Professor, Energy/Electricity Law, Faculty of Law, University of Lagos saying “the country has lost more megawatts in the post-privatisation era due to corruption, impunity, among other social challenges reflected in the report.”

Femi Falana who chaired the report launch said that, “This report is a must read, and I promise to lead in the follow-up litigation efforts to ensure the full implementation of the recommendations of the report.”

The report shows that, “The much-publicised power sector reforms in Nigeria under the Electric Power Sector Reform Act of 2005 is yet to yield desired and/or anticipated fruits largely due to corruption and impunity of perpetrators, regulatory lapses and policy inconsistencies. Ordinary Nigerians continue to pay the price for corruption in the electricity sector–staying in darkness, but still made to pay crazy electricity bills.”

It also accuses Dr. Ransom Owan-led board of the Nigerian Electricity Regulatory Commission (NERC) of allegedly “settling officials with millions of Naira as severance packages and for embarrassing them with alleged Three Billion Naira (N3,000,000,000.00) Fraud. The authorities must undertake a thorough, impartial and transparent investigation as to the reasons why corruption charges were withdrawn, and to recover any corrupt funds.”