The House of Representatives has launched a direct inquiry into the financial dealings of the Azura-Edo Independent Power Plant, demanding clarity on why the company failed to declare over N18 billion it received from the Nigerian Bulk Electricity Trading Plc (NBET).
Committee Uncovers Undisclosed Financial Inflows
During a resumed investigative hearing at the National Assembly Complex in Abuja on Monday, December 1, 2025, the Ad hoc Committee investigating power sector reforms and expenditure from 2007 to 2024 confronted Azura's representatives. The committee chairman, Ibrahim Aliyu, revealed that their records indicated Azura received more than N18 billion in excess tariff payments and other financial settlements from NBET between January and June 2023.
Aliyu emphasized that this substantial inflow was conspicuously absent from the company's official written submission to the lawmakers, despite explicit requests for full financial disclosure. He stated that the committee's mandate covers a broad review, including:
- Financial obligations of the Federal Government to private power operators via NBET.
- Various Central Bank of Nigeria intervention programmes in the sector.
- All appropriations related to the power industry over the 17-year period.
"Our mandate requires full disclosure of all financial inflows and obligations," Aliyu asserted. "These records show payments that your submission does not reflect."
Azura Admits Documentation Error
In response, Akeem Olabende, Azura's Head of Legal and Compliance, acknowledged the omission. He attributed the lapse to a misunderstanding of the scope of documentation required by the legislative committee.
"We did not fully understand the documentation that the Committee required," Olabende told the lawmakers. "Now that I have a clearer understanding, we will go back and ensure that all the financial documents and additional details the Committee has requested are provided."
Olabende further confirmed that the company's initial submission lacked several critical details, including information on:
- Budgetary allocations from the government.
- Loans and grants.
- Bank settlements.
- Other financial inflows linked to the Federal Government.
Committee members reminded Azura of its constitutional duty to provide complete information and issued a stern warning that continued non-compliance could trigger enforcement measures.
Broader Scrutiny of Power Sector Spending
The investigation is part of a comprehensive audit of Federal Government expenditure in the power sector over nearly two decades. The committee is meticulously examining how these multi-billion naira payments to generation companies like Azura were recorded and utilized.
In a related development, the committee granted a new appearance date to Abdulrahman Isa, the Managing Director of the Yola Electricity Distribution Company, who is scheduled to present his company's records at a later hearing.
The Azura-Edo plant, a 461MW open-cycle gas turbine facility commissioned in 2018, operates under a stringent take-or-pay Power Purchase Agreement (PPA). This arrangement legally obligates NBET to make capacity and energy payments to Azura, regardless of whether the national grid can offtake the full electricity output.
Government documents confirm that in 2023, NBET paid Azura over N18 billion, covering excess tariff settlements and capacity-related obligations arising from the PPA. The House Committee's probe now seeks to ensure transparency and accountability for these substantial public funds channeled through NBET, which acts as the bulk buyer of electricity from generators like Azura for resale to distribution companies.
