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.
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).