Buhari reconstitutes NBET Board
President Muhammadu Buhari has reconstituted board of directors of the Nigeria Bulk Electricity Trading Company Plc (NBET).
The reconstituted board was announced in a statement signed by Yunusa Tanko Abdullahi, special adviser on media and communications to the minister of finance, budget and national planning.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, is now the Chairman of the Board, with Director General of the Bureau of Public Enterprises (BPE), Alex Okoh, as non–Executive Director.
Members of the reconstituted NEBT board are:
- Zainab Ahmed, the minister of finance, budget and national planning – chairman
- Alexander Okoh, a representative from Bureau of Public Enterprises (80% shareholder in NBET) – non–executive director
- Patience Oniha, director-general of Debt Management Office – non-executive director
- Ben Akabueze, director-general of Budget Office of the Federation – non-executive director
- A non-executive director to represent the ministry of power to be represented by staff, not below the level of a director
- Suleyman Ndanusa, former director-general of Securities and Exchange Commission (SEC) – non-executive director (independent)
- Mustapha Balarabe Shehu, former president of the Nigeria Society of Engineers (NSE) – non-executive director (independent)
- Adeyeye O. Adepegba – non-executive director (independent)
- Marilyn Amobi – managing director/ chief executive officer.
BPE holds 80 per cent equity in the electricity bulk trader incorporated on July 29, 2010 as the special purpose vehicle to carry out the business of bulk purchasing and resale of electricity under license from the Nigerian Electricity Regulatory Commission (NERC) under the electric power sector reform Act (EPSRA).
The NBET is a public limited liability firm owned 100 per cent by the Federal Government charged with the responsibility of serving as the manager and administrator of the electricity pool in the Nigerian Electricity Supply Industry (NESI).
In line with the “Roadmap to Power Sector Reform” of August 2010, and in fulfillment of the requirements of EPSRA, the NBET was set up to “engage in the purchase and resale of electric power and ancillary services from independent power producers and from the successor generation companies”.