NBET, NSIA Sign Eurobond Funds Management Agreement

The Nigerian Bulk Electricity Trading Plc (NBET) and the Nigeria Sovereign Investment Authority (NSIA) today signed a Funds Management Agreement for the $350M allocated to NBET from the $1B Eurobond issued by the Federal Government of Nigeria (FGN) in July 2013.
The Managing Director and Chief Executive Officer of NBET, Rumundaka Wonodi speaking stated “NBET is happy with this arrangement that allows a competent fund manager like NSIA manage NBET’s Eurobond facility in a manner that yields the required returns yet allows the funds to be readily available for anyrequired Bulk Traderinterventions.With this arrangement, NBET can focus on developing the electricity market and catalyzing much needed investments in the power sector.
Source: Proshare

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