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Egbin Power plans $2bn investment plan


He also said the debt which the Nigeria Bulk Electricity Trading PLC (NBET) owes the plant has reached N388bn.
Adesina said Egbin, which “has invested $1bn in its value chain, is perfecting an investment plan of $2bn for expansion.”
He gave the breakdown of the proposed investment to include $1.8bn for Egbin Power 2 and overhaul of the existing plant as well as $200 million for its estate.
He said the plant has the capacity to deliver 1320 Megawatts (MW) but was generating 400MW as at the time the firm took over, but it has been overhauled with capacity surging to over 800MW. ....

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Senate asks NPA to refund $37.6m, N67.51bn 'unremitted' revenues


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The upper chamber noted that the non-remittance of N67.51 billion for 2013 and 2014 into the consolidated revenue fund (CRF), being 25 percent of its internally generated revenue (IGR) contravened the Fiscal Responsibility Act 2007.
It added that the failure to remit capitalised interest to the CRF, “totalling” N99.71 million, between 2013 and 2014 contravened Rule 236 of the Financial Regulations.
In May 2021, the senate committee on finance had
invited heads of 60 government-owned firms, including the ports authority, to explain the failure to remit various funds running into about N3 trillion to the federal government’s account.
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In a statement signed by Ezrel Tabiowo, special assistant (press) to the senate president, on Wednesday, the upper chamber mandated the Economic and Financial Crimes Commission (EFCC) to investigate the accounting officer under Rule 3112 (I and II) of the Financial Regulations. ....

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