Saturday, Feb 27th 2021 9:48 PM

Market Digest Nigeria


Senate queries NBET’s over N50bn in account


The 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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.