FG Lost N120bn in One Year to Energy Theft, Says Power Minister

FG Lost N120bn in One Year to Energy Theft, Says Power Minister

The Federal Government lost an estimated N120 billion in one year to energy theft and meter tampering along the 132kV Ikorodu–Sagamu industrial corridor, the Minister of Power, Joseph Tegbe, has said.

Tegbe disclosed this on Thursday during an engagement with industrial customers in Sagamu, Ogun State, where he decried what he described as “awkward energy consumption patterns” in the sector.

According to him, enhanced monitoring by the Nigerian Independent System Operator, NISO, since 2024 revealed discrepancies between electricity supplied and energy accounted for by market participants.

He said losses on the corridor had risen to as high as 100MW, resulting in the N120 billion revenue shortfall by 2026.

“We must know where the power is going and what is compromising it,” Tegbe said. “The government will take firm action against practices undermining the integrity of the power system.”

The minister warned against meter tampering, data manipulation and other forms of energy theft that deprive the electricity market of legitimate revenue. He said all consumers must be responsible for their actions and consumption.

Tegbe added that while the government is committed to providing stable electricity to industries operating along the corridor, reliable supply must be matched by responsible consumption and accurate payment.

He urged stakeholders to support transparent, scientific and fair investigations to establish the facts.

The Ikorodu–Sagamu corridor has grown into a major industrial cluster serving some of the country’s largest electricity consumers.

Tegbe’s intervention comes as the Federal Government intensifies efforts to improve accountability and financial discipline across the electricity…