Thread by @SERAPNigeria

How over N11tr for electricity was squandered under Obasanjo, Yar’Adua, Jonathan

1. 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)

2. 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

3. The country has lost more megawatts in the post-privatisation era due to corruption, impunity, among other social challenges reflected in the report From Darkness to Darkness: How Nigerians are Paying the Price for Corruption in the Electricity Sector.

4. 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.

5. Ordinary Nigerians continue to pay the price for corruption in the electricity sector--staying in darkness, but still made to pay crazy electricity bills.

6. From Darkness report 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.

7. 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must undertake a thorough, impartial and transparent investigation as to the reasons why corruption charges were withdrawn, and to recover any corrupt funds.

8.The Obasanjo’s administration spent $10 billion on NIPP with no results in terms of increase in power generation. $13.278,937,409.94 was expended on the power sector in eight years while unfunded commitments amounted to $12 billion.

9. The Federal Government then budgeted a whopping N16 billion for the various reforms under Liyel Imoke (2003 to 2007) which went down the drains as it failed to generate the needed amount of electricity or meet the set goals.

10. Imoke was alleged to have personally collected the sum of $7.8 million for the execution of the contract for the construction of the Jos-Yola Transmission Line, which was never executed. There were reported allegations of corruption against Imoke that fizzled-out thereafter.

11. Professor Chinedu Nebo handed over the assets of the PHCN to private investors on November 1, 2013. Prof. Nebo is alleged to have corruptly funded the privatized power sector with over N200 Billion despite privatization.

12. The allegation of N200 Billion funding of the privatized power sector during Prof Nebo’s tenure should be thoroughly and transparently investigated and anyone suspected to be responsible prosecuted. Any corrupt funds should be fully recovered.

13. Our research revealed that the sum of N1.5 billion with which the vehicles were acquired was allegedly sourced from the diverted N27 billion insurance premium of deceased workers of the defunct Power Holding Company of Nigeria (PHCN).

14. @nassnigeria & members should desist from and avoid manipulating the award of electricity contracts or cite projects in their constituencies under the guise of “Constituency Project”. @nassnigeria should publish the recommendations of all power-related investigations to date.

15. When the late Bola Ige took up the mantle of the Power and Steel Ministry in 1999, he probably didn't understand the magnitude of problems in the power sector and consequently, promised that within six months of his appointment, “power failure will be a thing of the past”

16. The power sector under Ige was characterized by epileptic, unreliable supply, bogus billing and archaic rate collection. Ige's failure was attributed to acts of sabotage and corruption by people who were benefitting from the use of generators. He was not accused of corruption