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A board has been approved for Nigerian Bulk Electricity Trading (NBET), representing a significant step forward in Nigeria’s power reform programme. The NBET was created by the National Electricity Sector Reforms Act to protect against the greatest risk to growth of the power sector – recouping of investment by distribution companies.
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The Minister of Finance, Ngozi Okonjo-Iweala, is Chairman of the board, and Rumundaka Wonodi is CEO.
The Power Holding Company of Nigeria (PHCN), which previously managed the process, owes huge debts from previous power purchase agreements it signed with IPPs such as Agip, Shell and Ibom Power. Bart Nnaji, Minister of Power, said that NEBT will honour current PPAs signed by PHCN and take over the negotiation and signing of future power purchase contracts for distribution companies, but it would not assume PHCN’s previous contract liabilities.