The immediate past President, Muhammad Buhari, mistakenly granted a $10 million approval to the Nigerian Bulk Electricity Trading (NBET) Plc for a gas contract with the Niger Delta Power Holding Company (NDPHC) Limited.
The development was revealed in a newly published book titled “Working with Buhari,” written by ex- Special Adviser to the President on Media, Femi Adesina.
The book recounts an encounter between Buhari and the former Managing Director of NBET, Marilyn Amobi.
According to the book, the $10 million gas deal represented a partial risk guarantee (PRG) from the World Bank, allowing Accugas to supply natural gas to the Calabar Generation Company Limited (CGCL), which was part of the NDPH portfolio.
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Despite Amobi’s objections to the deal, Buhari maintained that he had received incorrect advice.
Also, the book does not mention any sanctions resulting from the transaction, leaving stakeholders curious about the extent of similar sealed deals.
The revelation coincides with allegations that the Ex-president’s signature was forged for a withdrawal from the Central Bank of Nigeria (CBN).
Gas suppliers are reportedly owed a substantial sum of $1.3 billion.
The gas approval, as documented in the book, dates back to March 2, 2017, with reference number FMP/9055/S.1/ Vol. 1/69.
Buhari’s decision, it seems, was influenced by his reliance on advice from individuals knowledgeable about industries beyond his expertise.
It read:
“This letter is entitled: Approval for NBET to sign agreements relating to World Bank Partial Risk Guarantee for gas supply to the NDPHC Calabar Power Plant.
“He told me that the President is answerable to Nigerians about all the decisions the government makes. But many Nigerians do not know how the President makes the decisions that he makes for the country.
“He told me that in my office, where I am the MID, I have people that I trust and accept their advice to approve things or make certain decisions.
“He emphasised that I may find out after I have approved some things that the same people that I trusted to make the decisions, gave me the wrong advice.
“He went ahead to tell me that the same way that I have people that I trust to make decisions in my office, is the same way that he has some people that he trusts their opinions to make decisions regarding the power sector.”
