PRESIDENT Goodluck Jonathan, on Tuesday, inaugurated the Board of Bulk Trader, otherwise known as Electricity Trading Company Plc, headed by
the coordinating Minister of the National Economic Team and Minister of Finance, Dr Ngozi Okonjo-Iweala, charging it to act as catalyst for new investment into the power generation market.
On the board are Mr Saka Isan (SAN) as vice chairman; the chief executive of the company, Mr Rumundaka Wonodi; theMinister of Power, Professor Barth Nnaji; the Director-General of the Bureau of Public Enterprises, Ms Bolanle Onagoruwa; former member of House of Representatives, Honourable Mohammed Kumaila; Mr Haruna Sambo; Mr Paul Usoro and a representative of Power Holding Companyof Nigeria (PHCN).
Speaking during the ceremony at the State House, Abuja, Jonathan noted that the Bulk Trader was a critical component in the implementation of the Electric Power Sector Reform Act of 2005, adding that it was expected to stabilise the market for those already in the business, “especially at this time when we have embarked on the privatisation of successor distribution company of the PHCN.”
The president lamentedthat the nation was faced with a situation where power distribution companies found it challenging to collect enough revenue from their customers to pay for powers they receive from generatingcompanies.
“In this situation, potential investors do not have the confidencethat when they produceand deliver power, they will receive payment. They will not be encouraged to invest in the sector. Our goal of generating enough power for our people may, therefore, not be reached,” he said.
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