The House of Representatives Committee on Finance has discovered a hypothetical private ownership of the  Nigerian Bulk Electricity Finance Company Limited, revealed to be registered with the Corporate Affairs Commission, CAC, in the name of an individual not affiliated with the federal government.

The House, accordingly, directed the Corporate Affairs Commission, CAC, to deregister the Nigerian Bulk Electricity Finance Company Limited over alleged irregularities in its registration.

Lawmakers made the resolution after the Acting Managing Director of Nigerian Bulk Electricity Trading Plc, NBET, Johnson Akinnawo, revealed that the agency’s finance company arm was registered in the name of an individual not affiliated with the government.

The Committee, therefore, directed CAC to deregister the company and ensure it is properly registered under the appropriate shareholders.