Reps Investigate N632bn Debt from NBET to NDPHC

The House of Representatives’ Committee on Public Accounts, chaired by Rep. Bamidele Salam, has initiated an investigation into the N632 billion debt owed by the Nigerian Bulk Electricity Trading Company (NBET) to the Niger Delta Power Holding Company (NDPHC) from 2015 to July 2026. During the hearing, NDPHC Managing Director Mrs. Jennifer Adighije detailed that the debt comprises N388 billion owed from January 2015 to March 2025 and N233.18 billion from April 2025 to July 2026.

She indicated that the debt has adversely impacted NDPHC's operations and highlighted that a N40 billion payment made by NBET was in breach of prior agreements. NBET's Managing Director/CEO, Mr. Akin Opeyemi, confirmed the debt and stated that President Bola Tinubu and the Federal Executive Council had approved a N4 trillion multi-sector instrument to clear liabilities from February 2015 to March 2025.

He noted that N1.23 trillion had been raised so far, with plans to increase the bond to N2 trillion by the end of 2026. However, the N233.18 billion debt remains uncovered by this bond.