The Nigerian Bulk Electricity Trading (NBET) says it is seeking licence renewal from the Nigerian Electricity Regulatory Commission (NERC) to boost efficiency and operational capacity of the electricity sector

The acting Managing Director of NBET, Mr. John Akinnawo, made the disclosure in Abuja on Thursday during a public hearing on NBET's licence renewal organised by the Nigerian Electricity Regulatory Commission (NERC).

According to him, the annual trading of NBET has now hit $2bn and the company has now become a catalyst for private sector investment through facilitating and executing power purchase agreements.

"The company has also incentivised greenfield power worth $1bn and Managed the facilitation of PHCN privatization and successfully as well as the AFAM power which has been sold to transafam limited generating about N105bn to the federal government with investors committing additional $350m. Thus, The NBET is seeking license renewal as the current one expires on November 21st so that it will continue its operational drive," he said

While responding, Dafe Akpeneye - Commissioner Legal, Licencing and Compliance at the NERC noted that the hearing became necessary in order to get input from critical stakeholders on whether the role of NBET still remained relevant in the electricity sector.

He added, "NERC will always leverage on public input in its decision adding that the contributions of stakeholders has been collated and the Commission will decide on the next step to take with regards to the license renewal of NBET."

Also speaking, one of the stakeholders at the event and MD of Azura Energy, Mr. Edu Okeke, called for the renewal of the license of NBET indefinitely, adding, "No investor will agree to invest long time if NBET's license will only be renewed for five years, as there is need to renew it for a longer period to boost investor confidence."