Government, NBET, NERC, Regulation

Power Industry Regulator Absolves NBET MD of Alleged 2B Over-Invoicing

Posted: March 3, 2019 at 4:09 pm   /   by   /   comments (0)

The Nigerian Electricity Regulatory Commission, NERC, has fully absolved the MD of the Nigerian Bulk Electricity Trader, NBET, Dr Marilyn Amobi of the alleged 2b over payments to two generating companies made against her by two of her subordinates. The regulatory commission on receipt of the petition set up an investigative panel with heard from all parties to the case.

Accordingly to the commission’s statement on her website released after the sitting of the investigative panel, “The Commission hereby confirms that capacity payments to the Olorunsogo and Omotosho power plants by NBET are in line with the Power Purchase Agreement executed between the contracting parties and the provisions of the Supplementary TEM Order by the Commission.”

“The public is therefore advised to discountenance the allegations of inappropriate payments to the Omotosho and Olorunsogo power plants through the reported over invoicing of N2Billion in the payment of monthly capacity charges by NBET”, the statement concluded.

Mallam Waziri Bintube (General Manager/Chief Financial Officer) and Mallam Abdullahi Sambo (Deputy General/Head Internal Audit) had accused their Managing Director, Dr Amobi, of among several malpractices, the monthly over-invoicing of about N2billion to Olorunsogo and Omotosho generating plants contrary to NERC’s Order that where there is no active gas supply agreement (GSA) and gas transportation (GTA), capacity and energy number must be equal. Accumulated over-invoicing as at December 2017 was in excess of N30billion. Meanwhile, other thermal plants were being treated in line with the NERC Order. NBET’s heads of Legal and Power Procurement who ought to have defended the company colluded with Dr. Amobi to perpetrate the over-invoicing regime”.

The commission feels that these unfounded allegations by Mallam Waziri Bintube and Mallam Abdullahi Sambo have brought NESI into disrepute and weakened investor confidence the operators have tried to build since he 2013 privatization.

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