The Nigerian Bulk Electricity Trading Plc (NBET) is a Federal Government of Nigeria (FGN) owned public liability company. The Bureau of Public Enterprises and Ministry of Finance Incorporated (20%) are its two shareholders of record with 80% and 20% stakes respectively.
NBET (aka the Bulk Trader) was incorporated on July 29, 2010, in line with the "Roadmap to Power Sector Reform" and, in fulfilment of the requirements of Electric Power Sector Reform Act (EPSRA), 2005 for a "trading licensee holding a bulk purchase and resale license" to "engage in the purchase and resale of electrical power and ancillary services from independent power producers and from the successor generation companies".
On August 23, 2011, the President, Dr. Goodluck Ebele Jonathan, GCFR, inaugurated a nine-person Board of Directors that included Mr. Rumundaka Wonodi as the Managing Director and Chief Executive Officer.
NBET's power purchase agreements (PPAs) with independent power producers are backed by credit enhancement instruments offered by the FGN.
NBET’s vision is a Nigeria where availability of electricity is taken for granted
To be an effective and efficient catalyst for private sector investment into the electricity industry in Nigeria.
· Social Responsibility
· To put in place an effective transaction environment which minimizes risk and allocates it fairly to the parties best able to manage it
· To implement a procurement process that is transparent and will result in the economic procurement of needed power
· To have all existing and new power capacity under contract by 2016, although the commercial operation date when this capacity comes on line may be latter
· To ensure efficient settlement in the short term until this function is subsumed under the Market Operator
· To become sustaining as soon as practical thereby minimizing the cost to the FGN
· To enter into contracts that are well structured and managed in a manner that precludes recourse to any credit guarantee instrument