… Says intervention is restoring investor confidence, strengthening electricity sector stability
… Commends Odeyemi’s leadership, financial discipline on birthday
President Bola Ahmed Tinubu has commended the Managing Director of Nigeria Bulk Electricity Trading Plc (NBET), Akin Odeyemi, for his role in resolving longstanding financial obligations in Nigeria’s electricity industry, particularly the successful issuance of ₦728.979 billion in bonds to settle debts owed to participating power generation and gas companies.
The President said the intervention, undertaken under the Presidential Power Sector Debt Reduction Programme, was helping to restore investor confidence, strengthen stakeholder relationships and lay the foundation for a more stable and sustainable electricity market.
Tinubu gave the commendation in a goodwill message to Odeyemi on his birthday, contained in a statement issued on Saturday by his Special Adviser on Information and Strategy, Bayo Onanuga.
He specifically applauded the NBET chief’s commitment to implementing the debt reduction initiative, which recorded a major milestone with the issuance and signing of the ₦728.979 billion Series 2 Bonds under the Federal Government’s ₦4 trillion Power Sector Multi-Instrument Issuance Programme.
According to the President, the intervention has helped settle participating Generation Companies (GenCos) and their associated gas companies, addressing longstanding financial disputes that have undermined confidence among critical operators in the electricity value chain.
“I commend your commitment to the meticulous implementation of the Presidential Power Sector Debt Reduction Programme following the successful issuance and signing of the N728.979 billion Series 2 Bonds under the ₦4 trillion Power Sector Multi-Instrument Issuance Programme.
“This has resulted in the settlement of participating Generation Companies and their associated Gas Companies”, Tinubu stated.
The President noted that Odeyemi’s leadership had helped address one of the electricity industry’s most persistent challenges, particularly the accumulation of disputed financial obligations that had strained relationships among operators and weakened confidence in the sector.
He attributed the progress to constructive engagement, financial discipline and effective collaboration among stakeholders.
“Within a short time, and through constructive engagement, financial discipline and purposeful stakeholder collaboration, you have helped restore confidence and strengthened the basis for a more stable and sustainable power sector”, the President said.
Tinubu described Odeyemi as an accomplished technocrat whose extensive experience in energy, infrastructure development and financial services had contributed to his proactive and purposeful leadership at NBET.
He praised the NBET chief’s dedication to strengthening the financial foundations of Nigeria’s power industry and advancing efforts to address challenges affecting the sector’s sustainability.
The President wished Odeyemi continued good health, wisdom and greater accomplishments in his service to the country.
“As you celebrate today, may the years ahead bring good health, wisdom, and greater accomplishments in service to Nigeria and humanity”, Tinubu added.
SOURCE: The Nation Nigeria