Senate queries NBET’s N50bn escrow account

The Senate Public Account Committee has directed the Nigeria Bulk Electricity Trading Plc (NBET) to give an account of how the N50bn in its Escrow Account was managed.

Chairman of the committee, Senator Matthew Urhoghide gave the order due to the 2015 audit report NBET submitted to the Committee by the Office of the Auditor-General for the Federation.

The AuGF faulted the management of public funds in The NBET Escrow Account due to the inappropriate documentation of funds, thereby raising suspicion.

According to the AuGF report, the N50bn in the Escrow account was the proceed from sale of the Egbin, Omotosho and Olorunsogo power plants.

“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, part of the query said.

Responding to the query, NBET said, “It was never stated that the fund will be invested in the Treasury Bill".

The Senate panel chairman, however, charged the management of NBET to produce all the necessary documentation with regards to the transactions.