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From Ndubuisi Orji, Abuja
The House of Representatives Ad hoc Committee probing expenditure on the country’s power sector reforms from 2007 to 2024, has queried Azura Power Plant over the N18 billion received from the Nigerian Bulk Electricity Trading Plc (NBET) within a six-month period in 2023.
Chairman of the panel, Ibrahim Almustapha Aliyu, who issued the query at the resumed hearing of the committee, yesterday, said Azura Power failed to account for the funds in its submission to the lawmakers.
Aliyu explained that official records indicated that Azura received over N18 billion as excess tariff payments and other financial settlements from NBET between January and June 2023.
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The panel warned that if Azura failed to provide all the necessary documents, it would be compelled to invoke its legislative powers to ensure compliance.
However, the power company, represented by its Head of Legal and Compliance, Akeem Olabende, admitted that the company did not submit any document relating to the payments, noting that it was not deliberate.
He said: “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 for are provided.”
Aliyu, in his ruling, explained that the probe was not limited to technical performance but also the financial commitments of the Federal Government to private operators, particularly through NBET, the Central Bank’s intervention windows and budgetary appropriations.
