Home Features Finance minister reconstitutes NBET board, reinstates controversial MD, Amobi

Finance minister reconstitutes NBET board, reinstates controversial MD, Amobi

Reinstated NBET Managing Director, Marilyn Amobi

The Federal Government has reconstituted the Board of Nigerian Bulk Electricity Trading Company, the managing and administrative agency of the electricity pool in the Nigerian electricity supply industry.

A statement from the Federal Ministry of Finance indicated that the prevalent challenges in the power sector made it necessary to re-constitute the Board.

During the inauguration of the board, the Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed, charged the members to come up with strategies that will facilitate the speedy resolution of challenges in the power sector.

Members of the board are Mr. Alexander Okoh, Ms. Patience Oniha, Mr Ben Akabueze, Suleyman Ndanusa, Engr. Mustapha Balarabe Shehu, Mr. Adeyeye Adepegba and Dr. Marilyn Amobi, as Managing Director/ Chief Executive Officer.

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Mrs. Ahmed, who is the Chairman of the Board, said: “The reconstitution of the board therefore took consideration of the current stage of evolution of the restructured electricity sector, the complexities the sector currently faces, multi-disciplinary skills of prospective Board members especially in finance and investment, electricity generation, system operations of deregulated electricity markets, administrative law, as well as economic regulation of network utilities, amongst other factors.

“It is important that we bring our skills and experiences to bear in this critical assignment.

“It is important that we build NBET to become that defensive wall against potential payment defaults, till generation companies and distribution companies are able to enter into power purchase agreements on bilateral basis.”

She said NBET should be able to successfully fulfill its role in the management and administration of financial flows in the sector, adding that it was vital for the agency to promote a contract-based market that allocates risks efficiently to parties responsible for them.

Recall that the reinstated Managing Director/ Chief Executive Officer NBET, Dr. Marilyn Amobi, has been enmeshed in controversies including an alleged N517 million graft and violation of the country’s code of conduct for public officials.

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Premium Times had on June 10 exposed how Ms. Amobi continued to run a private firm, ESL Economics and Management Limited, registered in the United Kingdom, while being a public officer in Nigeria in violation of the country’s code of conduct for public officials.

She also continued to run a foreign account in violation of Nigeria’s law, Premium Times reported.