Reps probe NBET over allegations of fraud

By Obas Esiedasa, Abuja

The Nigerian Electricity Regulatory Commission (NERC) has renewed the operating licence of the Nigerian Bulk Electricity Trading Company (NBET) for another three years.

NERC conveyed the renewal in a letter to the bulk electricity trader  on Tuesday.

NBET which was set up by the government as a credit worthy off-taker of bulk electricity distributed via the grid to consumers was initially granted a 10-year licence which which expired this month.

The renewal came after a lengthy review of its application and corporate business plan and debate over NBET’s relevance in the industry.

NBET was set up to undertake the business of managing and trading in wholesale electricity as a bulk purchaser and bulk reseller of electricity and ancillary services pursuant to the Electric Power Sector Reform Act 2005.

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