When the next managing director of the Nigerian Bulk Electricity Trading Plc (NBET) assumes office, one of the knotty issues he will have to crack is the N13.5 billion claim by Sepco-Pacific Energy Co Ltd, owners of Omotosho and Olorunsogo power-generating plants.
The controversy over the payment is believed by industry insiders to have contributed in no small measure to the non-renewal of the appointment of Marilyn Amobi as the NBET MD — although TheCable understands that there were a cocktail of other factors.
The disputed claims are in two parts — the N5.2 billion deducted from Sepco-Pacific’s account by NBET in respect of foreign exchange differentials and another N8 billion “surplus payments” to the two GenCos.
NBET has stood its ground despite reported directives from Vice-President Yemi Osinbajo and a ruling by the power industry regulator, the Nigerian Electricity Regulatory Commission (NERC), that the company, owned by Deji Adeleke, should be paid.
Adeleke — father of Afrobeats mega star, Davido — has threatened to take NBET to international arbitration in London if the payments are not made to his company.
The federal government has become paranoid over international arbitration following its experience with P&ID Ltd in a failed gas processing agreement which has placed a record $9.6 billion liability on Nigeria.