The Investment Committee of the Revenue Mobilisation Allocation and Fiscal Commission RMAFC has paid a courtesy visit to the headquarters of the Nigerian Bulk Electricity Trading PLC (NBET) in Abuja as part of its oversight functions.
The delegation, led by Hon. Ekene Enefe, Federal Commissioner representing Anambra State, said the visit was in line with the Commission’s constitutional mandate under the RMAFC Act 2025, Section 6(2), which empowers it to obtain relevant information from government agencies and private operators.
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Hon. Enefe explained that the engagement was aimed at understanding NBET’s activities, roles, and operational challenges.
He noted that the move followed concerns raised during an interactive session with the Niger Delta Power Holding Company (NDPHC), where the issue of NBET’s indebtedness to NDPHC was highlighted.
“Since government intervention in the power sector is a continuous process, RMAFC has initiated activities to review the revenue allocation formula with a view to ensuring adequate funding of critical federal government projects, especially in the area of infrastructural development,” Enefe said.
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Responding, the Managing Director/Chief Executive Officer of NBET, Mr. Johnson Akinnawo, described the agency as a “special trader” in the Nigerian Electricity Supply Industry (NESI).
He explained that NBET acts as a bulk purchaser and reseller of electricity, bridging power generation companies (GenCos) and distribution companies (DisCos) while managing contracts and obligations under power purchase agreements.
According to him, NBET’s operations are designed to stabilize the electricity market, incentivize private sector investment in power generation, and serve as a critical government intervention mechanism.
On the issue of indebtedness to NDPHC, Mr. Akinnawo clarified that while NBET supports debt recovery for GenCos and DisCos, the responsibility for real-time monitoring of income and sanctioning of defaulters lies with the Nigerian Electricity Regulatory Commission (NERC) and the Central Bank of Nigeria (CBN).
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He assured the RMAFC Committee that NBET would provide a comprehensive list of indebted GenCos to aid its work and disclosed plans to convene an interactive session with relevant government agencies, to which RMAFC members would be invited.