Federal Government appoints Kemi Adeosun as chairman of NBET

16 Aug 2018
Financial Nigeria

Summary

The Director-General of the Bureau of Public Enterprise, Alex Okoh, will serve as the Vice Chairman of the Board, while the Minister of Power, Works and Housing, Babatunde Fashola, will serve as a Non-Executive Director.

Nigerian Minister of Finance, Kemi Adeosun

The Federal Government, on Wednesday, announced the reconstitution of the Board of Directors of the Nigeria Bulk Electricity Trading Company (NBET), with the Minister of Finance, Kemi Adeosun, as the new Chairman.

Hassan Dodo, Director of Information at the Federal Ministry of Finance, said the appointment was approved by the Acting President, Prof. Yemi Osinbajo.

The NBET, incorporated in 2010, buys electricity from the Generating Companies through Power Purchase Agreements and sells to the Distribution Companies through vesting contracts. It essentially manages the electricity pool in the Nigerian electricity supply industry.

According to the statement, the Director-General of the Bureau of Public Enterprise, Alex Okoh, will serve as the Vice Chairman of the Board, while the Minister of Power, Works and Housing, Babatunde Fashola, will serve as a Non-Executive Director.

Other Non-Executive Directors are the Director-General of the Debt Management Office, Patience Oniha; Manging Director of the Asset Management Company of Nigeria, Ahmed Kuru; and Director-General of the Budget Office of the Federation, Ben Akabueze.

Also, the Managing Director of the NBET, Dr Marilyn Amobi, will serve as a member of the reconstituted Board.

The Nigerian Sovereign Investment Authority (NSIA), on August 11, had announced the payment of $417.46 million to the NBET, following the expiration of a four-year investment term. The funds were transferred in three tranches: $8 million in May 2016, $5.5 million in August of the same year, and $403.96 million in July 2018.

The fund consists of the principal sum of $350 million allocated to the NSIA from the proceeds of the $1 billion Eurobond issued in July 2013 by the Federal Government under a fund management agreement and the sum of $67.46 million (net of fees) as interest and earnings over the investment period.


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