BY AKUDORO GLORIA
The Federal Government has appointed Mr. Johnson Akinnawo as the Acting Managing Director and Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc (NBET).
Akinnawo’s appointment was sequel to the expiration of Dr. Nnaemeka Ewelukwa four years tenure as MD/CEO of the company on 24 July, just four months ahead when the company is expected to be dissolved as its operating licence is deemed to expire by November.
In accordance with the Power Sector Reform Act of 2005, NBET, which is solely owned by the federal government, was established on 29 July 2010, to manage and trade wholesale electricity as a bulk buyer and bulk seller of electricity and related services. In November 2011, the Nigerian Electricity Regulatory Commission (NERC) granted NBET a 10-year operational trading licence. However, NERC extended the company’s operating licence, which was set to expire in November 2021, by an extra three years, ending this November.
However, the change in the company’s leadership was conveyed in statement signed and issued by the company’s management on Thursday, 25 July 2024.
Prior to his current role, Akinnawo has served as the General Manager, Origination, Contract Management and Administration in charge of directing IPP planning and procurement activities through contract negotiations, managing portfolio risks and ensuring regulatory compliance.
According to the statement, Akinnawo is a consummate professional with over 25 years of experience, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a seasoned Energy Contract Management Specialist, and the pioneer Financial Controller of NBET in 2012, was responsible for architecting the seamless setup of NBET’s Accounting Systems, designing, and implementing transparent controls, as well as instituting a culture of transparency and integrity in all NBET energy market settlements.
“He has been an integral part of the NBET management team since inception, successfully managing all NBET market receipts from the distribution companies (DisCos) and payments to the generation companies (GenCos), including government intervention and the FGN World Bank Power Sector Recovery Operation (PSRO) funds.
“Among other achievements, he led the team that successfully completed the negotiation of several greenfield IPP projects and closed out on the Trans Afam 726MW Power Purchase Agreement (PPA), facilitating the FGN’s privatization of the Power Plant and paving the way for additional investments of up to N105.3billion.
“He also finalised a SOMW power purchase contract for the Maiduguri Emergency Power Project, restoring electricity to the region after insurgency disruptions.
“Additionally, he achieved the successful implementation of the first-ever industry-wide synchronous capacity test of Power Plants in NBET’s portfolio, to ascertain the plant’s net dependable capacity alongside gas sufficiency/availability in the Nigerian Electricity Supply Industry (NESI).
“Mr Akinnawo now leads NBET at a time when the company is implementing measures to Stabilise the electricity market and address liquidity in the electricity value chain,” the statement further disclosed,” it added.
