The House of Representatives Ad hoc Committee investigating power sector reforms from 2007 to 2024 has queried the Azura-Edo Independent Power Plant for failing to disclose ₦18 billion it received from the Nigerian Bulk Electricity Trading Plc (NBET) in 2023.
Committee Chairman Ibrahim Aliyu issued the query during a resumed hearing at the National Assembly on Monday, noting that official records show Azura got over ₦18bn in excess tariff payments and financial settlements between January and June 2023, but the inflow was missing from the company’s written submissions.
Aliyu stressed that the investigation covers:
Federal Government financial obligations to private power operators
NBET’s transaction records
Central Bank intervention programmes
Appropriations linked to the power sector
He said the committee’s mandate requires full financial disclosure, which Azura had not complied with.
Azura Admits Omission
Azura’s Head of Legal and Compliance, Akeem Olabende, admitted that the company misunderstood the documentation requirements.
He said the submission lacked information on:
Budgetary allocations
Loans and grants
Bank settlements
All other inflows involving the Federal Government
He pledged that a corrected and complete set of financial documents would be submitted.
Lawmakers Warn of Sanctions
Committee members reminded Azura that it has a constitutional duty to fully disclose financial information, warning that persistent non-compliance could trigger enforcement measures.
The Committee also rescheduled the appearance of Yola Electricity Distribution Company’s Managing Director, Abdulrahman Isa, who will present his company’s records at a later date.
NBET purchases electricity from power generation firms under Power Purchase Agreements (PPAs) and resells to distribution companies.
The Azura-Edo IPP, a 461-megawatt plant commissioned in 2018, operates under a take-or-pay arrangement, which means NBET must pay for capacity and energy whether or not the national grid uses the full output.
Government records confirm NBET paid Azura more than ₦18 billion in 2023, covering excess tariff settlements and capacity-related obligations.
The House Committee is now examining how these payments were reported and utilized, as part of its broader review of federal expenditure in the power sector over 17 years.