$350M POWER FUND NOT DIVERTED – ADEOSUN, FASHOLA

fashola adeosun

The Minister of Finance, Kemi Adeosun; and the Minister of Power, Works and Housing, Babatunde Fashola (SAN), on Tuesday denied the alleged diversion of $350m belonging to the Nigerian Electricity Bulk Trading Company domiciled in the Nigerian Sovereign Investment Authority. The NSIA also said the $350m it was managing for the NBET had grown to $384m.

The Managing Director/Chief Executive Officer of the NSIA, Uche Orji, stated that the money was safe. The officials appeared before the Senate’s Joint Committee on Public Accounts; and Power, Steel Development and Metallurgy in Abuja on Tuesday. The $350m is part of the $1bn Eurobond facility obtained by the Federal Government in 2013.

Orji told the lawmakers that the fund had yielded interests amounting to $34m. He said, “The NBET funds are intact with the NSIA. As of our September statement, it has grown from $350m to $397.5m. (The sum of) $13.5m was recalled by NBET to service the interest. So, what we have at the moment is $384m. So, the funds are with us and they are safe.”