FCT, Abuja – The newly appointed Chairman of the Nigerian Bulk Electricity Trading (NBET) company, Dr. Sulaiman Muhammad Argungu, has assumed office with a commitment to improving Nigeria’s electricity trading and supply.
Argungu, a chieftain of the ruling All Progressives Congress (APC) and the party’s National Organizing Secretary, vowed to work closely with stakeholders to enhance efficiency and transparency in the sector.
This was contained in a statement made available to Legit.ng on Wednesday, February 12.
NBET welcomes new chairman
The management of NBET formally received Argungu at the company’s headquarters in Abuja, where senior officials and board members pledged their support for his leadership.
The Acting Managing Director and Chief Executive Officer, Mr. Johnson Akinnawo, introduced the new chairman to the staff and emphasized the agency’s pivotal role in ensuring a stable and efficient electricity market.
Akinnawo highlighted ongoing efforts to improve Nigeria’s power sector and called for enhanced collaboration between government agencies and private sector stakeholders.
Argungu’s vision for electricity stability
In his address, Argungu acknowledged the critical role of NBET in the nation’s electricity sector and assured staff of his dedication to implementing policies that would promote stability and innovation.
“I appreciate the warm reception and the commitment of the NBET team. Together, we will work towards improving electricity trading in line with President Bola Ahmed Tinubu’s Renewed Hope agenda,” he said.
The new chairman stressed the importance of transparency, collaboration, and sustainability, particularly in incorporating renewable energy solutions into Nigeria’s power framework.
Political backing and strategic goals
Argungu’s appointment reflects the government’s strategy of strengthening leadership within key agencies.
His assumption of office was attended by notable APC figures, including the Deputy National Organizing Secretary, Nze Chidi Duru, Dr. Suleiman Wambai, and Dr. Niyi Akinsiju, among others.
With power supply being a critical issue in Nigeria, stakeholders will closely monitor Argungu’s leadership to see how NBET navigates challenges such as liquidity constraints, power generation shortfalls, and consumer metering issues.
As he settles into his new role, the industry and the public anticipate tangible progress in achieving a more efficient and reliable electricity trading system in Nigeria.
FG targets $15bn investment into power sector
Previously, Legit.ng reported that in related news, the federal government of Nigeria has said that it wants to attract up to $15 billion in private investments into the power sector.
The government also unveiled plans to increase the electricity tariff for Nigerians to reflect the full cost, as the current price only covers about 65% of the cost.
The Nigerian government still spends trillions of naira on energy subsidies despite removing subsidies for Band A subscribers last year.
