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NBET Appoints Stanbic IBTC to Handle Settlements

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Rumundaka Wonodi, managing director of NBET
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Nigerian Bulk Electricity Trading Plc (NBET) has appointed Stanbic IBTC as the payment management services provider, or payment agent, to the Bulk Trader.

According to officials, the process took over six months of rigorous selection process that was managed by KPMG.

As payment agent, the bank will be responsible for efficient and effective payment processing between NBET and the generation companies in line with underlying power purchase agreements (PPAs).

At a contract signing between both parties in Abuja, Rumundaka Wonodi, managing director of NBET, noted: “ Stanbic IBTC will be responsible for efficient and effective payment processing between NBET and the GENCOs in line with underlying power purchase agreements.

Wonodi noted: “ In addition to effective payments on behalf of the Bulk Trader, Stanbic IBTC will support NBET’s treasury department with liquidity manage the and planning. Stanbic IBTC’s proposed platform for the services will secure easy access to the platform for NBET’s counter parties to view invoices, spool historical data and payments confirmations.”

He added: “We are very satisfied with the outcome of the process handled by KPMG that resulted in the selection of Stanbic IBTC as NBET’s payment agent. This appointment is in line with our strategy of employing the best service providers to complement out in-house competence especially our treasury functions, thereby keeping the Bulk Trader a lean and efficient institution.”

He stressed that “a payment agent for the transitional electricity market. Today’s event is the completion of almost a year process facilitated by KPMG, where our board  approved that we should go and procure, through a competitive process, a payment agent, primarily a financial institution that would undertake payment on behalf of Bulk Trader, and also support our treasury process.

“Through that process, Stanbic IBTC emerged the winner. Today, we are kind of finalizing that arrangement, and going forward, they will be providing is those services. It is important that we went out through this procurement platform, and it is important we have a payment agent that would support the Bilk Trader.

“One of the issues we would have in the Transitional Electricity Market (TEM), is that before the TEM, and even before this area, payment was structured in such a way that was not very familiar with market participants.”

NBET is a federal government owned company organization established as part of the power sector road map towards the full implementation of the Electricity Power Sector Reform Act. NBET enters into power purchase agreements with generation companies and resells power to distribution companies through the vesting contracts.

To fulfill this, according to Wonodi, the organization has been positioned as a credit worthy counterpart for current and future generation projects. NBET’s current capitalization is currently in excess of N128 billion.

 


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Nigeria Police suspends tinted glass permit enforcement over court injunction

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Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Nigeria Police suspends tinted glass permit enforcement over court injunction

Tinted glass permit

The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.

An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.

Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.

The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.

IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.


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NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

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Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.

According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.

The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.

Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.

He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.

Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.

In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.

Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.


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T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

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T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.

NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.

Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”

The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.

Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.


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