20 GenCos Get N17Bn Out Of FG Intervention Loan

NBET In Fresh Financial Controversy Over 700 Billion Naira Loan

Recent investigations by THISDAY on the internal activities of the Nigerian Bulk Electricity Trading Plc (NBET) have uncovered a couple of developments that could rock its operational efficiency, and by implication, that of Nigeria’s electricity market as reported by all Afican news. From the trail of activities that followed the federal government’s approval of a N701 billion loan for the agency to cover its payment obligations to electricity generation companies (Gencos) for power generated and supplied, that NBET is currently enmeshed in a financial controversy over unwholesome demands on the loan.

As reliably gathered in Abuja, top officials of the agency and Ministry of Power have reportedly requested NBET’s Managing Director, Dr. Marilyn Amobi, to approve a four percent service charge payment to them as ‘service charge’ for purportedly facilitating the federal government’s approval of NBET’s request for N701 billion from the Central Bank of Nigeria (CBN) to cover for payments to Gencos.

This service charge, they said was to cover their troubles and works in getting the loan approved by the Federal Executive Council (FEC).

But reliable sources in the agency and the ministry told THISDAY that everything that had to do with the loan was done by Amobi and her team, with support from the Minister of Power, Works and Housing, Mr. BabatundeFashola, and the Governor of CBN, Mr. Godwin Emefiele.

Being an investment banker by training, Amobi was said to have declined repeated demands by these officials to hire a third-party consultant to help the NBET prepare its briefs for the loan, and through which their request for the four per cent service charge would have been legalised. She instead opted to work with her team to get the work done.

Tomide Adeyeye

Federal University Of Technology (FUTA) Alumnus. I am constantly overwhelmed by the power of the written word and how it can transcend genres, stereotypes, and even time itself. This fascination drives my passion for writing.

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