Stemming The Crisis At NBET And Solving Our Electricity Problem By Chido Onumah | Sahara Reporters The crisis at NBET and by extension, the power sector, is one that needs to be addressed squarely. And the reason is simple. The power sector...READ MORE:
In the last one year, the Nigerian Bulk Electricity Trading Company has been embroiled in a crisis that has severe consequences for the company, and of course, the generation and distribution of electricity in the country.
The details of the allegation include the fraudulent monthly payment of N2billion to Olorunsogo and Omotosho Power Plants since September 2016 without any justification. The raging crisis at NBET has to do with the common practice of non-implementation of corporate governance rules in most of the country’s public institutions, lack of respect for the rule of law and extant regulations among others. The issues that have been thrown up against Dr.
The Independent Corrupt Practices and other Related Offences was the first to commence investigation into the crisis at NBET in April 2018, followed by the DSS—after Messrs Waziri and Sambo were detained for 24 hours at the instance of Dr Amobi—and then the Economic and Financial Crimes Commission . The media has made public the outcome of the investigation by the ICPC. The report, which has since been submitted to the office of the vice president as requested, indicted Dr. Amobi.
NERC, as a regulator, has failed in its responsibilities. Its whitewashing of the crisis at NERC through its so-called investigation and report leaves much to be desired. If it has been alive to its responsibilities as a regulator, NERC would not need whistleblowers—as important as their roles are. What we see at play at NERC is a cocktail of lack of competence and compromise.
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