Reps to Probe NBET’s Operations from 2015-2020

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The House of Representatives has mandated its Committees on Power and Financial Crimes to investigate operations of Nigeria Bulk Electricity Trading Company, NBET from 2015 to 2020.

The Green Chamber said the is owing to the fraud allegations leveled against the agency and its Managing Director, Dr Marilyn Amobi.

The Motion to investigate the allegations bothering on financial impropriety at the agency was by Rep Muhammed Wudil (APC-Kano) and twelve others.

According to Wudil, some anti-corruption agencies in the country already have their reports on their investigation of the agency, since 2015.

He said, “In line with the provisions of the Standing Orders of the House of Representatives, the Committee on Power is saddled with the responsibility of carrying out oversight on the Ministry of Power and its agencies, including the Nigeria Bulk Electricity Trading Company (NBET); adding that “the Committee on Power is in receipt of complaints against Nigeria Bulk Trading Company (NBET) since the inception of the agency.”

He further said that “several anti-corruption agencies among which are the Economic and Financial Crimes Commission, EFCC, the Independent Corrupt Practices Commission, ICPC, and the of the Auditor-General for the Federation, have further investigated the agency, and come out with reports.”

Wudil called the House to review the reports from the agency, make its additional findings and recommend sanctions as appropriate.

Subsequently, the House, without debate, adopted the Motion and mandated its Committees on Power, Financial Crimes and Anti-corruption to investigate the Nigeria Bulk Electricity Trading Company (NBET) from 2015-2020 and report back within two weeks for further legislative action.

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Nigeria Bulk Electricity Trading Company was incorporated in 2010, with the role of purchasing electricity from the generating companies through power purchase agreements (PPAs) after which it sells to the distribution companies through vesting contracts.

The leadership and members of the House of Representatives Committee on Power had expressed its displeasure on Amobi’s retention on the NBET’s reconstituted board, which was announced by the Minister of Finance last week, despite the allegations of abuse of office, among others hanging on her neck.

In December, minister of power, had asked the NBET MD to step down “with the view to restoring sanity in the management of the company”, but Muhammadu Buhari overruled the minister.

Peace Obi

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