Buhari reconstitutes Board of Nigeria Bulk Electricity Trading Company

Friday, 08 May 2020 05:37

Buhari reconstitutes Board of Nigeria Bulk Electricity Trading Company

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President Muhammadu Buhari has reconstituted the Board of Directors of Nigeria Bulk Electricity Trading Company Plc (NBET).

Federal Ministry of Finance, Budget and National Planning, said in a statement on Thursday that President Buhari has given approval for the Board to be reconstituted.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, is the Chairman, with Director General of the Bureau of Public Enterprises (BPE), Mr Alex Okoh, as non–Executive Director.

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).

Another non-Executive Director not below the level of a director is expected to be appointed into Board to represent the Federal Ministry of Power.

Others appointed as non-Executive Directors in the Board included the Director-General of the Debt Management Office (DMO), Ms Patience Oniha, and the Director-General, Budget Office of the Federation, Ben Akabueze.

The newly appointed director and Head of the Internal Affairs & Efficiency Department of the Federal Inland Revenue Service (FIRS), Mr Suleyman Ndanusa, was also named an independent non-Executive Director of the Board. Ndanusa is former Director-General of Securities and Exchange Commission (SEC).

Former President of the Nigeria Society of Engineers (NSE), Mr Mustapha Balarabe Shehu and Mr Adeyeye Adepegba were also appointed independent non-Executive Directors, along with the Managing Director/Chief Executive of NBET, Marilyn Amobi.

All the appointments take immediate effect.

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”.