Abuja:  President Goodluck Jonathan on Tuesday inaugurated the Board of the Nigeria Bulk Electricity Trading Plc (NIBET), also known as Bulk Traders.

At inauguration at the State House, Abuja, the President called on board members to execute their tasks diligently and transparently to attract the confidence of consumers and the goodwill of international partners.

Jonathan restated the commitment of his administration to the power sector reform, noting that the necessary process would be abridged.

“We are quite determined to conclude all processes that would lead to generation, transmission and distribution of improved steady stable and regular power supply to our people,’’ he said.

Known as bulk traders, according to the President, NIBET is established to act as a catalyst for new investment into the power generation market and to stabilise the market for those already in the business.

Jonathan noted that the power sector was faced with the challenge of revenue collections from consumers, a situation which has discouraged investors to participate.

As a result of the constraint, the President said the Bulk Traders were incorporated as a guarantor to boost confidence to potential investors.

“I therefore expect that you will carry out diligently, the job of negotiating and signing of future contracts agreements with power producers.

“I have every confidence that you will faithfully execute this mandate of serving as a Bulk Board against the potential payment default by distribution companies until they become financially strong to directly enter into power purchase agreement on bilateral basis,’’ he said.

The News Agency of Nigeria (NAN) reports that the board is chaired by the Coordinating Minister for the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, while Mr. Saka Isan is the Vice Chairman.

Other members of the Board are the Chief Executive of the company, Mr Rumuodaka Wonodi, the Minister of Power, Prof. Barth Nnaji and the Director-General of the Bureau of Public Enterprises, Ms Bolanle Onagoruwa.

Also on the board are former member of House of Representatives, Hon. Mohammed Kumaila, Mr Haruna Sambo, Mr Paul Usoro and a member representing PHCN.

Responding on behalf of the board members, Okonjo-Iweala thanked the President for his constant support to the power sector and his pledge to the Nigerian people to give power the utmost attention.

She pledged members’ commitment to effectively discharge their duties and total transformation of the power sector.(NAN)