Okonjo-Iweala, Nnaji lead charge for stable power supply

Guardian

24 August 2011

Okonjo-Iweala, Nnaji lead charge for stable power supply .

Check waste, others, Jonathan tells new firm’s board

PRESIDENT Goodluck Jonathan yesterday inaugurated the board of the new Federal Government-owned Nigerian Bulk Electricity Trading Plc, pledging to conclude all processes that would lead to generation, transmission and distribution of improved steady, stable and regular power supply in the country.

The new company, popularly called Bulk Trader and headed by the Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is expected to buy up the power generated by new and old generation companies and assure investors stability in the sector.

Other members of the board include Saka Isan (vice chairman), Minister of Power (Barth Nnaji), Chief Executive Officer of the company (Rumundaka Wonodi), Director-General, Bureau of Public Enterprises (BPE) - Bola Onagoruwa, CEO of Abuja Electricity Distribution Company (AbdulGaniyu Umar), Hon. Mohammed Kumalia, Haruna Mohammed and Paul Usoro.

A critical component of the implementation of the Electric Power Sector Reform Act of 2005, the Bulk Trader is also expected to add value to the transformation of the power sector.

The President told the board to ensure they “act as a catalyst for new investment into the power generation market. The Bulk Trader is equally 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 companies of the Power Holding Company of Nigeria (PHCN).”