Wonodi, Pioneer MD Exits NBET as Tenue Expires

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Chineme Okafor in Abuja
The federal government yesterday announced its decision to relieve the pioneer Managing Director of the Nigerian Bulk Electricity Trading (NBET) Plc, Mr. Rumundaka Wonodi, of his task at the agency.

A statement that was mailed to THISDAY in Abuja by the NBET contained this development. It however announced the appointment of Mr. Waziri Bintube as the acting managing director of the agency.
Bintube was the agency’s Chief Financial Officer (CFO).
The statement which was signed by the management stated that Wonodi had completed his tenure and thus was relieved of his job.

It said: “The management of the Nigerian Bulk Electricity Trading Plc (NBET) wishes to announce the exit of its pioneer MD/CEO, Mr. Rumundaka Wonodi following the successful completion of his tenure of office.
“His post has been taken over by the Chief Financial Officer (CFO), Waziri Bintube, in an acting capacity with effect from 06 June 2016.”
“NBET would like to thank Wonodi for his leadership, support, dedication and achievements as the pioneer CEO of the NBET,” it added.

Under licence from the Nigerian Electricity Regulatory Commission (NERC), the NBET which is also known as the ‘Bulk Trader’ was established as a special purpose vehicle for carrying out the electricity bulk purchase and re-sale function as contained in the 2005 Electric Power Sector Reform Act (EPSRA).
Wonodi as the pioneer managing director helped to set up the NBET from paper, and nurtured negoaations for the first ever greenfield power purchase agreement (PPA) in the sector which saw to the commencement of work at the $900 million Azura independent power project.

The Azura power is a 450 megawatts (MW) project situated close to Benin City in Edo State.
To also drive investment in Nigeria’s power sector, the NBET was managed by Wonodi to earn a robust capitalisation from the government, it is equally government’s anchor agent for World Bank and African Development Bank (AfDB) guarantees for the power sector.
NBET purchases electricity from the generating companies through PPAs and sells the electricity to the distribution companies (Discos) through vesting contracts.

The statement said prior to Bintube’s role as NBET’s CFO, he was Group Head, Construction and Infrastructure, Institutional Banking Group at First Bank.
He reportedly held the role when he returned to Nigeria after seven years as head of the bank’s South African operation.

Waziri, it said is a Fellow of both the Association of Chartered Certified Accountants of the UK (ACCA) and a member of Institute of Chartered Accountants of Nigeria (ICAN).
He also holds a Master of Business Administration (MBA) Degree from Ahmadu Bello University in Zaria and has attended numerous management development programmes at Huddersfield University, Manchester Business School, Crainfield School of Management, Wharton Businnes School and Columbia University.