Lagos — Nigeria Bulk Electricity Trading Plc, NBET has been summoned by the Senate over alleged mismanagement of N50 billion in its Escrow Account.
The Senate Public Account Committee headed by Senator Matthew Urhoghide, issued the directive based on the 2015 audit report submitted to it by the Office of the Auditor General for the Federation.
According to him, funds amounting to N50 billion which was proceeds from sale of Egbin, Omotosho and Olorunsogo power plants, was mismanaged by the company.
Part 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 malpractices.
However, while responding to the query, NBET in its written response said, “It was never stated that the fund will be invested in the Treasury Bill.
Following NBET response to the query, Chairman of the committee then asked management of the agency to present necessary documents regarding the ‘missing’ fund and how it was disbursed.