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Federal Government Re-Constitutes Board of NBET

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Re-Constitutes Board of NBET Federal Government

Federal Government Re-Constitutes Board of NBET

The Federal Government of Nigeria has reconstituted the Board of Nigerian Bulk Electricity Trading Company (NBET).

The inauguration of the re-constituted Board of NBET which took place in Abuja has been necessitated by the challenges of the power sector, particularly the challenges of NBET in achieving its mandate, according to Mrs. (Dr.) Zainab Ahmed, the Honourable Minister of Finance, Budget and National Planning of the Federal Government.

Speaking on understanding the role of NBET, she said:  “we have all come to better understand the role of NBET as the manager and administrator of the electricity pool in the Nigerian electricity supply industry (NESI), and how it buys electricity from the generating companies (GenCos) including Independent Power Producers (IPP’s) under Power Purchase Agreements (PPAs) and resells it to the distribution companies (DisCos) via vesting contracts.”

“The role of NBET in the stabilization of the power sector cannot be overemphasised as it plays a key role in the generation of market confidence through well-negotiated and well aligned contracts with fair risk allocation that protects market participants from credit and systemic risks. NBET stands as a de-risking agent in the power industry as it acts as a credit worthy off-taker of power procured from Gencos in the absence of bi-lateral contracts between Gencos and Discos,” she stated.

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The contractual obligations and guarantees NBET issues and manages, according to her, are therefore of strategic importance for the repositioning of the sector and delivering of benefits to Nigerians for which NBET was established.

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.”

Urging everyone present to note the importance of the assignment, she also said: “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. NBET has to be able to successfully fulfill its role in the management and administration of financial flows in the sector, the promotion of a contract-based market that allocates risks efficiently to parties responsible for them and the formulation of policies for efficient system settlement.

She noted that the “electricity deregulation is still evolving in Nigeria, and the country is basically learning as the privatized market evolves. However, we do not have all the time, as the longer it takes, the more costly it is financially for Nigerians and the country at large.”

She, therefore, urged the members to ensure all hands are on deck and that their tenure as the Board in the transitional market trading arrangement should leave a good mark in the sands of time.

Recall that President Muhammadu Buhari had approved the reconstituted the Board of Directors of NBET. a Non-Executive Director from Ministry of Power, to be represented by a staff not below the level of a director; Mr. Alexander Ayoola Okoh, as Non – Executive Director from Bureau of Public Enterprises (80% Shareholder in NBET); Ms. Patience Oniha, Director-General, Debt Management Office, as Non-Executive Director; Mr Ben Akabueze, Director-General, Budget Office of the Federation, as Non-Executive Director.

Also appointed are Suleyman Ndanusa, former Director-General of Securities and Exchange Commission (SEC), as Non-Executive Director (Independent); Engr. Mustapha Balarabe Shehu, former President Nigeria Society of Engineers (NSE), as Non-Executive Director (Independent); Mr. Adeyeye O. Adepegba as Non-Executive Director (Independent); and Dr. Marilyn Amobi, as Managing Director/ Chief Executive Officer.

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COVID-19

NCDC – 626 New Cases of Coronavirus Confirmed In Nigeria

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NCDC New Cases of Coronavirus

NCDC – 626 New Cases of Coronavirus Confirmed In Nigeria

Nigeria on Thursday, July 2, recorded 626 new cases of Coronavirus as confirmed in a tweet shared by the Nigeria Centre for Disease Control (NCDC). 

 

A breakdown of the new cases across different states in the country is as follows; Lagos-193, FCT-85, Oyo-41, Edo-38, Kwara-34, Abia-31, Ogun-29, Ondo-28, Rivers-26, Osun-21, Akwa Ibom-18, Delta-18, Enugu-15, Kaduna-13, Plateau-11, Borno-8, Bauchi-7, Adamawa-5, Gombe-4, Sokoto-1.

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As at July 2, there are 27,110 confirmed cases of Coronavirus in the country. 10,801 patients have been discharged and 616 deaths has been recorded.

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193 Almajiria Test Positive For COVID-19 In Kano State

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Kano State Almajiria Test Positive For COVID-19

193 Almajiria Test Positive For COVID-19 In Kano State

A total of 193 Almajiris in Kano State have so far tested positive to COVID 19, according to the Kano state government.

Speaking at the COVID-19 press briefing held, Thursday, July 2, Kano State Commissioner of Education, Sanusi Mohammed Kiru disclosed that a total of 1860 persons were quarantined in three locations in the state, out of which 193 of them tested positive.

 

Sanusi who is also the head of the state government’s committee on the rehabilitation of almajiris, explained that 86 of them tested positive at Gabasawa Quarantine camp, 68 tested positive in Karaye while 38 tested positive in Kiru.

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He expressed happiness at the initiative to isolate the almajiris in the state, adding that state efforts at tackling the dreaded disease would have been worse off if they were allowed to continue to spread the disease in these communities.

 

He recalled that so far the state has repatriated a total of 1183 Almajirs to the rest of the states in the region such as Jigawa, Kaduna, Katsina, Gombe, Bauchi, Kebbi, and Zamfara States in line with the decision of the Northern Governors forum to end street begging in the region.

 

He further disclosed that the state government had established three almajiri boarding schools for the immediate admission of the Almajiris of Kano State orIgin, saying that these schools are located in Bunkure, Bagwai and Madobi Local Government Areas.

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President Buhari Suspends NSITF Boss, Others

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NSITF Boss Buhari

President Buhari Suspends NSITF Boss, Others

President Muhammadu Buhari has approved the immediate and indefinite suspension from Office of the Managing Director/Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr Adebayo Somefun.

Sen Chris Ngige, Minister of Labour and Employment, in a statement by Charles Akpan of the Press and Public Relations in the ministry, named other officers suspended to include Jasper Ikedi-Azuatalam, Executive Director (ED), Finance and Investment, and Mrs Olukemi Nelson, ED, Operations.

Also suspended are Alhaji Tijani Darazo Sulaiman, ED, Administration, Mr Olusegun Olumide-Bashorun, General Manager, Administration/Human Resources/Maintenance, and Mr Lawan Tahir, General Manager, Finance.

Others asked to go are Mr Chris Esedebe, General Manager, Claims and Compensation, Mr Olodotun Adegbite, Deputy General Manager, Investment and Treasury Management, and Mr Emmanuel Enyinnaya-Sike, Deputy General Manager, Finance and Accounts.

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The statement also named Mrs Olutoyin Arokoyo, Deputy General Manager/Acting Head, Legal, Ms. Dorathy Zajeme-Tukura, Deputy General Manager, Administration, and Mrs Victoria Ayantuga, Assistant General Manager, Internal Audit.

The minister said that their suspension from office arose from the “preliminarily established prima facie infractions on the extant Financial Regulations and Procurement Act, and other acts of gross misconduct”.

“During the period of their suspension, the officers will face a Joint Board and Audit Investigative Panel that had been set up to look into the financial and procurement breaches, as well as gross misconduct in the NSITF from 2016 to date.

“The gross misconduct has invariably put the contributions of stakeholders in a perilous state. The affected officers have also been directed to hand over to the most senior officers in their respective departments,” the statement said.

It quoted Ngige as specifically directing that Dr Kelly Nwagha, General Manager. Health, Safety and Environment Department, to assume the position of Managing Director/Chief Executive Officer, being the most senior General Manager in the organisation.

It said that officers assuming the new positions would take charge from Monday, July 6, 2020, until further notice.

Ngige charged the Chairman of the Board, Mr Austin Enajemo Isire, to ensure that the investigative panel commenced work as soon as possible.

He also charged him to ensure that the Board facilitated the smooth running of the Fund by creating the enabling environment and all the necessary staff adjustments and movements, in order to guarantee that services by staff to the contributors were not affected.

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#COVID19NIGERIA Situation Report

http://news.ncbn.ng/2020/06/04/coronavirus-and-the-adversity-of-the-asymptomatic-bala-ibrahim/

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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