News

RMAFC Investment Committee Pays Courtesy Visit To NBET

Published

1 year ago

August 21, 2025

Joel Ajayi

The Investment Committee of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by Hon. Ekene Enefe (Federal Commissioner representing Anambra State) paid a courtesy visit to the headquarters of the Nigerian Bulk Electricity Trading PLC (NBET) in Abuja recently .

In his opening remarks, Hon. Enefe explained that the visit was in line with the Commission’s constitutional mandate as provided under the RMAFC Act of 2025, Section 6 (2), which empowers the Commission to demand and obtain relevant information from government agencies as well as private sector operators.

He disclosed that the purpose of the visit was to interact with and better understand the activities, roles, and challenges facing NBET in the discharge of its mandate. The Commissioner further recalled that during a recent interactive session with the Niger Delta Power Holding Company (NDPHC), the issue of NBET’s indebtedness to NDPHC was raised, prompting the Committee to engage NBET directly to ascertain efforts being made to recover the outstanding funds.

“Since government intervention in the power sector is a continuous process, RMAFC has initiated activities to review the revenue allocation formula with a view to ensuring adequate funding of critical federal government projects, especially in the area of infrastructural development,” Hon. Enefe stated.

Responding, the Managing Director/Chief Executive Officer of NBET, Mr. Johnson Akinnawo described the agency as a “special trader” in the Nigerian Electricity Supply Industry (NESI). He explained that NBET serves as a bulk purchaser and reseller of electricity, managing contracts and obligations under power purchase agreements.

According to him, NBET acts as a bridge between power generation companies (GenCos) and distribution companies (DisCos), thereby ensuring stability and reliability in electricity supply. He added that NBET’s activities are designed to incentivize private sector investment in power generation and serve as a key government intervention mechanism in the sector.

On the issue of indebtedness to NDPHC, Mr. Akinnawo clarified that while NBET plays a role in debt recovery for GenCos and DisCos, the real-time monitoring of income and the sanctioning of defaulting organisations fall under the purview of the Nigerian Electricity Regulatory Commission (NERC) and the Central Bank of Nigeria (CBN).

He assured the Committee that NBET would provide a comprehensive list of indebted GenCos to aid the Commission’s work and further disclosed plans to convene an interactive session with relevant government agencies, to which the RMAFC Committee members would be invited.

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Foreign news

Algeria’s Glorious Revolution: Embassy Marks 72nd Anniversary in Abuja

Published

7 hours ago

November 12, 2026

The Gleamer

Joel Ajayi

The Embassy of Algeria in Nigeria has commemorated the 72nd anniversary of the country’s Glorious Revolution of November 1, 1954, with a reception in Abuja, highlighting Algeria’s liberation struggle and strengthening diplomatic relations with Nigeria.

The event, held on November 9, 2026, at Continental Suites Hotel, attracted prominent personalities, including the Speaker of the House of Representatives, Dr Tajudeen Abbas, members of the Federal Government, senior government officials, heads of diplomatic missions and other friends of Algeria.

Speaking at the reception, Algeria’s Ambassador to Nigeria, Hocine Mezoued, welcomed guests and paid tribute to the country’s freedom fighters who sacrificed their lives during the struggle for independence.

He described the November 1, 1954 revolution as the foundation of modern Algeria, noting that the sacrifices of the nation’s martyrs made it possible for the country to reclaim its sovereignty.

On Algeria’s development agenda, Mezoued said President Abdelmadjid Tebboune’s administration had continued to pursue economic reforms, diversification and national development under its New Algeria vision.

He noted that the country was recording progress in non-hydrocarbon exports, while improvements in the business environment had boosted investor confidence and attracted significant foreign investments.

On foreign policy, the ambassador reaffirmed Algeria’s commitment to non-interference, respect for national sovereignty, peaceful conflict resolution and the right of peoples to self-determination.

Addressing security challenges in the Sahel, he stressed that lasting peace could not be achieved through military measures alone, insisting that economic development, inclusive dialogue and peaceful resolution of disputes remained essential.

Turning to Nigeria-Algeria relations, Mezoued described the partnership as one founded on shared values and the commitment of both countries’ leaders to advancing African development.

He identified the Trans-Saharan Highway, Trans-Saharan Gas Pipeline and Trans-Saharan Fibre Optic Backbone as major strategic projects receiving attention from both countries.

The ambassador also disclosed that Algeria had continued to provide scholarships to Nigerian students to strengthen human capital development and capacity building.

He further announced that Air Algérie expanded its Nigerian operations on October 26, 2026, with the introduction of two weekly flights to Lagos, expressing confidence that the service would boost trade and tourism.

Looking ahead, Mezoued said 2027 would offer fresh opportunities to deepen bilateral cooperation, particularly through the fifth Joint High Bi-National Commission scheduled to hold in Abuja.

He expressed optimism that the meeting would provide an opportunity to assess existing partnerships, identify new areas of cooperation and move Nigeria-Algeria relations towards a more practical and results-driven phase.

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