Minister of Finance, Budget and National Planning, Zainab Ahmed, has overruled the Minister of Power, Saleh Mamman with the inauguration of the Board of the Nigerian Bulk Electricity Trading Company, NBET that includes the sacked Managing Director of the Company, Marilyn Amobi.
Minister of Power had sacked Marilyn Amobi as NBET’s Chief Executive Officer few weeks ago replacing her with Nnaemeka Eweluka.
Ahmed however said the re-constituted Board of NBET was necessary to tackle the challenges of the power sector, particularly the challenges of NBET in achieving its mandate,
Speaking on understanding the role of NBET, the Minister said “we have all come to better understand the role of NBET as the manager and administrator of the electricity pool in the Nigerian electricity supply industry, NESI, and how it buys electricity from the Generating Companies, GenCos including Independent Power Producers, IPPs under Power Purchase Agreements, PPAs and resells it to the Distribution Companies, DisCos via vesting contracts.”
Ahmed added that the role of NBET in the stabilisation of the power sector cannot be overemphasised as it plays a key role in the generation of market confidence through well-negotiated and well-aligned contracts with fair risk allocation that protects market participants from credit and systemic risks. NBET stands as a de-risking agent in the power industry as it acts as a creditworthy off-taker of power procured from Gencos in the absence of bi-lateral contracts between Gencos and Discos,”
Both ministers have claimed several times to be working on the directives of President Muhammadu Buhari .
(Editor: Terverr Tyav)