The Nation Newspaper Why we did not recover $69.4 million electricity debt, by NBET
NBET, which is responsible for power sale, is directly supervised by the Federal Ministry of Finance.
“NBET proceeded to negotiate a new contractual/commercial framework with CEB and NIGERLEC respectively, but faced challenges from both TCN and the International customers in finalizing the new Power Sale Agreements that would pave the way to fully assume the administration of these contractual relationships.
“In its audit query to the government owned company, the Auditor General for the Federation alleged that NBET failed to recover about US$69,384,699.20 which amounts to N25.187 billion “As at January 2019, the value of supply made to the two foreign firms amounted to US$315,408,623.07. “Of the above amount, a former Managing Director received the sum of N85,283,867.36 in January, 2018, while the balance of N236,440,927.81 was paid to the seven officers in July, 2016.
The audit report accused the agency of failure to submit it’s audit report account as required by law from 2017 to 2019.
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