NEWS
Senate investigates NBET’s N50bn escrow account
The Nigerian Senate Public Account Committee has asked the Nigeria Bulk Electricity Trading Plc to explain how it managed the N50bn in its Escrow Account.
The chairman of the committee, Senator Matthew Urhoghide, issued the directive based on the 2015 audit report submitted to it by the Office of the Auditor-General for the Federation.
The AuGF report faulted the management of public funds in the NBET Escrow Account. The AuGF report noted that the N50bn in the Escrow account was the proceed from sale of the Egbin, Omotosho and Olorunsogo power plants.
Part of the query reads, “Funds in form of escrows in the possession of Egbin Escrow agreement: FCMB Escrow Account BPE/NBET 2435507018- N30,000,000.000; UBA Escrow Account BPE/NBET 1017699148 – N10,000,000,000.00; FBN Escrow Account BPE/NBET 2024063360 – N10,000,000,000.00.
“The following observations were made: There was no execution date as the agreement only stated 2013.
“This has been left out deliberately and arouses suspicion of malpractices.
NBET in its written response said, “It was never stated that the fund will be invested in the Treasury Bill.
The Senate panel chairman, while ruling on the AuGF query and the response of the NBET, asked the management of the agency to produce all necessary documents regarding the transactions.
The Nigerian Bulk Electricity Trading (NBET) Plc. is the manager and administrator of the electricity pool (‘The Pool’) in the Nigerian electricity supply industry (NESI). It was incorporated on the 29th day of July 2010 and is 100% owned by the Federal Government of Nigeria.
