EFCC’s probe: NBET MD implicates Perm Sec

Worried by the ongoing probe by the Economic and Financial
Crimes Commission, the Managing Director of the Nigerian Bulk
Electricity Trading Plc( NBET) Dr. Marylin Amobi has raised the
alarm that a Federal Permanent Secretary is putting her under
pressure.

She said the Permanent Secretary wanted her  to pay
N248million to a consulting firm, in which her sister has interest,
to facilitate the conclusion of Bond and Promissory Notes for the
agency.

She also said the Permanent Secretary has been trying to force
her to resign based on the alleged instructions of the Acting
President, Prof. Yemi Osinbajo.

But she said she told the affected Permanent Secretary that she
would not be bullied to quit office unless directed by the
presidency.

Amobi, who made the submissions in an Executive Summary sent to
the presidency, asked the Acting President to urgently constitute
the board of NBET.

The Federal Executive had early in the year approved a Power
Sector Recovery Plan to look for an alternative all-inclusive
strategy for addressing the liquidity crisis facing the power
Generating Companies( GENCOS) in the country.

The recovery plan was designed to avert the total collapse of
the electricity sector because many Distribution Companies (
DISCOS) have not been able to meet their financial obligations to
GENCOS.

Some of the liquidity sources being considered are getting a
consulting firm to secure Bond and Promissory Notes; approval by
the Federal Government and the Central Bank of Nigeria ( CBN) for a
loan of N701billion under a “payment assurance programme; and an
utilized $350million loan which has been hidden in an account.

But the NBET boss said the affected Permanent Secretary has
preference for “Power Sector Bond/ Promissory Note” through a
consulting firm because of personal interest.

She said the Permanent Secretary wanted her to pay N248million
to the consulting firm to facilitate the conclusion of Bond and
Promissory Notes for the electricity sector.

She said it was difficult to comply with the directive of the
Permanent Secretary because it was an unjustifiable 
payment.

The Executive Summary reads in part: “ I came under pressure yet
again to do the following:

1. Reconnect with the consulting firm to steer forward the
   conclusion of the Bond and Promissory Notes products for the
   electricity sector; and
2. To pay a sum of N39M or N2248M to MT Consulting, as outstanding
   consultancy fees for what I consider as an unjustifiable payment
   for the work that they had done before I joined the organisation,
   that involved the development of the abandoned financial
   product.

“When I protested to the PS about this, he engaged me by email
on an allegation that the NASS was investigating a petition on a
consultancy work NBET gave to an Engineer, which in his allegation
was the same as the work the consulting firm had done. It is to be
noted that the NASS confirmed to me a few days thereafter that they
did not receive any petition as the PS had alluded.

“At the kick off meeting that I had with the Permanent Secretary
on the 19th of August  2016, I reiterated some of the concerns
that I had with the Bond issuance to him.

“ And he assured me that he understood my concerns, would
support me to review the work NBET had already done on the product
and make what I consider would be the best decision in the
circumstance.

“He did not tell me that he had an interest in the initiative
and was the lead consultant and the face of the consulting company
at the conceptualisation stages or that his sister is the MD / CEO
the company. I learned that at the interrogatory session that the
House Committee on Power conducted a few days after I resumed work
as the MD / CEO at NBET.

“However, the relevance of my concerns regarding the integrity
of these matters soon disappeared after the National Assembly
(NASS) launched an investigation into the matter in September 2016;
and ruled that there was an “attempted fraud” at NBET.

“Furthermore, they ordered that the Procurement Department that
was previously under the Human Resources Department, be placed
under the Office of the MD / CEO and that I penalised the staff who
were culpable for the attempted fraud.”

Worried by the ongoing probe by the Economic and Financial
Crimes Commission, the Managing Director of the Nigerian Bulk
Electricity Trading Plc( NBET) Dr. Marylin Amobi has raised the
alarm that a Federal Permanent Secretary is putting her under
pressure.

She said the Permanent Secretary wanted her  to pay
N248million to a consulting firm, in which her sister has interest,
to facilitate the conclusion of Bond and Promissory Notes for the
agency.

She also said the Permanent Secretary has been trying to force
her to resign based on the alleged instructions of the Acting
President, Prof. Yemi Osinbajo.

But she said she told the affected Permanent Secretary that she
would not be bullied to quit office unless directed by the
presidency.

Amobi, who made the submissions in an Executive Summary sent to
the presidency, asked the Acting President to urgently constitute
the board of NBET.

The Federal Executive had early in the year approved a Power
Sector Recovery Plan to look for an alternative all-inclusive
strategy for addressing the liquidity crisis facing the power
Generating Companies( GENCOS) in the country.

The recovery plan was designed to avert the total collapse of
the electricity sector because many Distribution Companies (
DISCOS) have not been able to meet their financial obligations to
GENCOS.

Some of the liquidity sources being considered are getting a
consulting firm to secure Bond and Promissory Notes; approval by
the Federal Government and the Central Bank of Nigeria ( CBN) for a
loan of N701billion under a “payment assurance programme; and an
utilized $350million loan which has been hidden in an account.

But the NBET boss said the affected Permanent Secretary has
preference for “Power Sector Bond/ Promissory Note” through a
consulting firm because of personal interest.

She said the Permanent Secretary wanted her to pay N248million
to the consulting firm to facilitate the conclusion of Bond and
Promissory Notes for the electricity sector.

She said it was difficult to comply with the directive of the
Permanent Secretary because it was an unjustifiable 
payment.

The Executive Summary reads in part: “ I came under pressure yet
again to do the following:

1. Reconnect with the consulting firm to steer forward the
   conclusion of the Bond and Promissory Notes products for the
   electricity sector; and
2. To pay a sum of N39M or N2248M to MT Consulting, as outstanding
   consultancy fees for what I consider as an unjustifiable payment
   for the work that they had done before I joined the organisation,
   that involved the development of the abandoned financial
   product.

“When I protested to the PS about this, he engaged me by email
on an allegation that the NASS was investigating a petition on a
consultancy work NBET gave to an Engineer, which in his allegation
was the same as the work the consulting firm had done. It is to be
noted that the NASS confirmed to me a few days thereafter that they
did not receive any petition as the PS had alluded.

“At the kick off meeting that I had with the Permanent Secretary
on the 19th of August  2016, I reiterated some of the concerns
that I had with the Bond issuance to him.

“ And he assured me that he understood my concerns, would
support me to review the work NBET had already done on the product
and make what I consider would be the best decision in the
circumstance.

“He did not tell me that he had an interest in the initiative
and was the lead consultant and the face of the consulting company
at the conceptualisation stages or that his sister is the MD / CEO
the company. I learned that at the interrogatory session that the
House Committee on Power conducted a few days after I resumed work
as the MD / CEO at NBET.

“However, the relevance of my concerns regarding the integrity
of these matters soon disappeared after the National Assembly
(NASS) launched an investigation into the matter in September 2016;
and ruled that there was an “attempted fraud” at NBET.

“Furthermore, they ordered that the Procurement Department that
was previously under the Human Resources Department, be placed
under the Office of the MD / CEO and that I penalised the staff who
were culpable for the attempted fraud.”