Minister of Finance, Kemi Adeosun has been appointed as the
Chairman of the Nigeria Bulk Electricity Trading Company (NBET).
The Acting President, Prof. Yemi Osinbajo who announced
Adeosun’s appointmment, also made the disclosure of the reconstitution of
NBET’s Board of Directors.
The Director-General of Bureau of Public Enterprises, Alex
Okoh is now the Vice-Chairman of the Board; while the Minister of Power Works
and Housing, Babatunde Fashola will serve as Non-Executive Director.
Other Non-Executive Directors in the NBET Board include
Director-General of Debt Management Office, Patience Oniha; Director-General of
Budget Office of the Federation, Ben Akabueze; and the Managing Director of
Asset Management Company of Nigeria, Ahmed Kuru.
NBET is the manager and administrator of the electricity
pool (‘The Pool’) in the Nigerian electricity supply industry (NESI). It was
incorporated on the 29th day of July 2010 and is 100% owned by the Federal
Government of Nigeria.
The Management of the Nigeria Sovereign Investment Authority
(NSIA) had announced the payment of the gross sum of $417.46 million to NBET
following the expiration of the four years investment term.
In a statement, NSIA said its transferred the funds in three
tranches;
$8 million (May 2016)
$5.5 million (August 2016)
$403.96 million (July 2018)
The returned fund consists of the principal sum of US $350
million allocated to the NSIA from the proceeds of the $1 billion Eurobond
issued by the Federal Government of Nigeria in July 2013 under a fund
management agreement and the sum of US $67.46 million (net of fees) as interest
and earnings over the investment period.
Commenting on the fund, the NBET Managing Director / Chief
Executive Officer, Dr. Marilyn Amobi, said NBET was pleased with the management
of the fund over the last four years, adding that the NSIA as a competent fund
manager preserved the capital, thereby helping to promote NBET’s credit
worthiness as an off-taker for grid injected electric energy in the Nigerian
Electricity Supply Industry (NESI).
