Thursday, May 23, 2019

Tag "NBET"

    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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Exchange Rates

May 23, 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.
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