Senate Asks NBET To Explain Missing N50bn

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Igboeli Arinze, FCT– The Public Account Committee of the Nigerian Senate has  called on the Nigeria Bulk Electricity Trading Plc to
explain how it managed the N50bn
in its Escrow Account.


This was issued in a statement by the chairman of the committee,
Senator Matthew Urhoghide(PDP,Edo South), based on the 2015 audit report submitted to it by the Office of the Auditor General for the


The AuGF had in that report queried the
management of public funds in the
NBET Escrow Account.
The AuGFreport noted that the
N50bn in the Escrow account was
the proceeds from sale of the Egbin,
Omotosho and Olorunsogo power


A section of the query reads, “Funds in
form of escrows in the possession
of Egbin Escrow agreement:
FCMB EScrow Account BPE/NBET
2435507018- N30,000,000.000;
UBA Escrow Account BPE/NBET
1017699148 N10,000,000,000.00;
FBN Escrow Account BPE/NBET
2024063360 N10,000,000,000.00.
“The following observations were
made: There was no execution date
as the agreement only stated 2013.
“This has been left out deliberately
and arouses suspicion of


However , in it’s response, the NBET  said,


“It was never stated that the fund
will be invested in the Treasury Bill.
The Senate panel chairman, while
ruling on the AuGF query and the
response of the NBET, asked the
management of the agency to
produce all necessary documents
regarding the transactions”.

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