The Nigerian Electricity Regulatory Commission has stepped in to stop an internal management crisis at the Nigerian Bulk Electricity Trading Plc. After months of upsetting internal management crisis at the Nigerian Bulk Electricity Trading Plc (NBET), a government-backed bulk power purchaser in Nigeria’s privatized electricity market, the Nigerian Electricity Regulatory Commission (NERC) last week moved in to use its regulatory power to stop the situation from further deteriorating. Investigations on the internal activities of the NBET had uncovered a couple of disturbing developments which at that time rocked the operations of the agency.
The unwholesome development perhaps started in 2016, with top officials at the NBET fighting each other for supremacy. In the center of this battle for supremacy which eventually escalated into other unsavory acts including allegations of process abuses, were the Managing Director, Dr. Marilyn Amobi and two other top officials of the agency – Mr. Waziri Bintube, who once headed the finance department of NBET and Mr. Abdullahi Sambo, also headed NBET’s audit department. And, because of the central role the NBET plays in the electricity market, the crisis at some point threatened to render it rudderless with the country’s electricity market worst for it.
Green Climate Fund Board Approves Nigeria’s $100m Solar Program – Guardian
The board of the global fund created to support the efforts of developing countries to fight climate change has approved nine new climate resilience and low emission projects worth $440 million, including Nigeria’s $100 million solar program. The Green Climate Fund (GCF) board took a raft of decisions to strengthen the organisation for its first replenishment at the 22nd meeting, which ended last week in Songdo, South Korea. It also took steps to strengthen operations, reinforce standards and close policy gaps. The fund seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.
GCF enters the replenishment process after a successful year with the overall portfolio now including 93 projects in 96 countries with total GCF investments over $4.6 billion. More than half of the projects worth over $2billion are already under implementation. Nigeria’s scheme being promoted by Africa Finance Corporation (AFC) and will “reduce or avoid 476,487t CO2 eq on an annual basis, and 9,529,739 t CO2 eq. over the life of the program”. It will also expected to reduce the perceived risks of investing in the Nigerian renewable energy sector and catalyses private sector investment.