The Minister of Power, Adebayo Adelabu, has revealed that a private company, Messrs Ziklagsis held on to N32 billion paid into its account in 2003 for the supply of three million prepaid metres.
The minister, in a statement by his Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, noted that the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the supply of three million meters to power distribution companies in the country, within three years.
The statement indicated that to kick start the project, a revolving metering loan of N32 billion was released to Messrs Ziklagsis.
“The agreement was not implemented while the fund remained in the bank account of Ziklagsis at the then Prudent Bank from where it moved to Skye Bank, Polaris and lately, Providus Bank,” the statement read.
With the privatisation of distribution, Adelabu said the government proposed the metering of…
Source: Leadership Newspaper
