The House of Representatives Ad hoc Committee investigating Nigeria’s power sector reforms and expenditure from 2007 to 2024 has demanded clarification from the Azura-Edo Independent Power Plant over its failure to account for ₦18 billion received from the Nigerian Bulk Electricity Trading Plc (NBET) in 2023.
The Committee Chairman, Ibrahim Aliyu, issued the query on Monday during the resumed investigative hearing at the National Assembly Complex in Abuja.
Aliyu noted that official records before the Committee showed that the company received over ₦18 billion between January and June 2023 as excess tariff payments and other financial settlements from NBET—funds which were not disclosed in Azura’s written submission to the Committee.
He stressed that the Committee’s mandate covers not only technical performance data but also the financial obligations of the Federal Government to private operators through NBET, Central Bank intervention programmes and statutory appropriations.
In response, Azura’s Head of Legal and Compliance, Akeem Olabende, admitted that the company failed to provide documentation relating to the NBET payments.
He also confirmed that Azura omitted information on budgetary allocations, loans, grants, bank settlements, and other Federal Government-linked financial inflows.
“We did not fully understand the documentation that the committee required.
“Now that I have a clearer understanding, we will go back and ensure that all the financial documents and additional details the committee has requested are provided,” Olabende said.
Committee members reminded Azura of its obligations under the Constitution and warned that failure to provide full disclosures could compel the Committee to exercise its legislative powers to enforce compliance.
Meanwhile, the Committee has granted another appearance date to the Managing Director of the Yola Electricity Distribution Company, Abdulrahman Isa, to present his submission.
NBET is responsible for purchasing electricity from generation companies under Power Purchase Agreements and reselling it to distribution companies.
The PUNCH
