Friday, September 13, 2019

Tag "NBET"

    EXCLUSIVE: Foreign donors threaten to withdraw funding for Nigeria’s first utility-scale solar projects

EXCLUSIVE: Foreign donors threaten to withdraw funding for Nigeria’s first utility-scale solar projects

Some international donors have threatened to withdraw $300 million funding for its proposed Nigeria's "first utility scale solar projects", TheCable can report.In a letter dated September 10 to Marilyn Amebi, managing director of the Nigerian Bulk Electricity Trader (NBET), the African Finance Corporation (AFC) noted that it has been working on the 1,000 megawatts (MW) project for a year with [...]

1 comment Read Full Article
    Court dismisses NBET’s application for stay of proceedings in motion filed by whistleblower

Court dismisses NBET’s application for stay of proceedings in motion filed by whistleblower

The national industrial court (NIC) has dismissed an application by the Nigerian Bulk Electricity Trading Plc (NBET) for a stay of proceedings in a motion brought against it by one Sambo Abdullahi.Abdullahi is a whistleblower who happens to work for NBET.In the ruling on Monday, Kiyersohot Damulak, the presiding judge, directed Olayinka Arase, NBET’s lawyer, to provide a written application [...]

0 comment Read Full Article
    ICPC to prosecute NBET MD over fraud allegations

ICPC to prosecute NBET MD over fraud allegations

The Independent Corrupt Practices and other Related Offences Commission (ICPC) says it is set to prosecute Marilyn Amobi, managing director of the Nigerian Bulk Electricity Trading Company Limited (NBET), over procurement fraud.In February, Leaks.ng had done a story on how Amobi approved at least N2 billion  to two power generating companies.Leaks.ng is a coalition of media and civil society organisations. Daily [...]

0 comment Read Full Article
    SERAP: Fashola has named corrupt contractors

SERAP: Fashola has named corrupt contractors

The Socio-Economic Rights and Accountability Project (SERAP) says Babatunde Fashola, minister of power, works and housing, has named contractors who failed to execute power projects after receiving payment.In a statement on Sunday, Kolawole Oluwadare, deputy director of SERAP, said the minister forwarded the list to the organisation.Oluwadare said SERAP has been invited to inspect a compendium of verified and paid/outstanding [...]

0 comment Read Full Article
    Right of reply: NERC absolves NBET MD of fraud

Right of reply: NERC absolves NBET MD of fraud

BY SAMBO ABDULLAHII am one of the management staff mentioned in the above captioned story published by TheCable on March 1, 2019. I wish to state that the pre-payment audit carried out on the payment vouchers as enshrined under the Financial Regulations on both Olorunsogo and Omotosho revealed the shoddy deals. The internal audit resistance led to both departments of [...]

0 comment Read Full Article
    NERC absolves NBET MD of fraud, says no proof of N2bn over-invoicing

NERC absolves NBET MD of fraud, says no proof of N2bn over-invoicing

The Nigerian Electricity Regulatory Commission (NERC) says there is no proof that Marilyn Amobi, managing director of the Nigeria Bulk Electricity trading Plc (NBET), overpaid two power plants by N2 billion.In a statement, the commission said its investigation revealed that the payments to Olorunsogo and Omotosho power plants by NBET are in line with the power purchase agreement, while the [...]

0 comment Read Full Article
    How NBET has been ‘victimising staff who exposed corrupt MD’

How NBET has been ‘victimising staff who exposed corrupt MD’

The travails of Abdullahi Sambo and Waziri Bintube at Nigerian Bulk Electricity Trading Plc (NBET) began in June, 2017 after Sambo wrote to the ministry of power, works, and housing, challenging his redeployment. Sambo said his redeployment and subsequent predicament at NBET is not unconnected with his whistle-blowing on the MD/CEO of NBET, Marilyn Amobi, whom he accused of mismanagement [...]

0 comment Read Full Article
    ANALYSIS: Why electricity generation may plunge further in 2019

ANALYSIS: Why electricity generation may plunge further in 2019

With the latest data from the advisory power team in the office of Vice-President Yemi Osinbajo revealing that the power sector lost a total of N530 billion in 2018, the industry is set to experience tougher times in 2019.Operational constraints from the shortage of gas, poor transmission, weak distribution network, and water reserves factor have become permanent issues to reckon [...]

1 comment Read Full Article
    GenCos: Abysmal performance of DisCos responsible for challenges in power sector

GenCos: Abysmal performance of DisCos responsible for challenges in power sector

The Association of Power Generation Companies (APGC) says the abysmal performance of electricity distribution companies (DisCos) is responsible for the challenges in the power sector.In a statement on Tuesday, Joy Ogaji, executive secretary of APGC, said the generation companies are being short-changed as they don't receive full payment for the amount of power generated.Ogaji said this in response to a [...]

0 comment Read Full Article
    Ogaji: DisCos owing power generation firms N500bn

Ogaji: DisCos owing power generation firms N500bn

Joy Ogaji, executive secretary of Association of Power Generation Companies (APGC), says the Nigerian Bulk Electricity Trading (NBET) is yet to pay the N500bn debt owed by electricity distribution companies (DisCos).Speaking with reporters in Abuja on Sunday, Ogaji said power firms have been taking loans from banks to be able to generate electricity.She said the federal government has only paid 80 [...]

0 comment Read Full Article
    NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

The Nigerian Electricity Regulatory Commission (NERC) says poor remittances by electricity distribution companies (DisCos) to the Nigerian Bulk Electricity Trader (NBET) has deepened liquidity challenge in the sector.In the 2017 third quarter report of the power sector, NERC said during the three months under review, DisCos paid N44bn from N147bn invoice issued by NBET, leaving a shortfall of N103bn.The report [...]

0 comment Read Full Article
    NSIA pays $417.46m to NBET ‘to develop electricity market’

NSIA pays $417.46m to NBET ‘to develop electricity market’

The Nigeria Sovereign Investment Authority (NSIA) has paid $417.46 million to Nigeria Bulk Energy Trading Company (NBET) to develop the electricity market.Titilope Olubiyi, NSIA communications adviser, said this followed the expiration of a four-year investment agreement terms.The funds were transferred in three tranches with $8m paid on May 2016, $5.5m in August 2016 and the last on July 2018 with [...]

0 comment Read Full Article
Advertisement

Advertisement

Advertisement

Exchange Rates

September 13, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement