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A few days ago I gave a narration of facts to rebut @SamAmadi’s attempt at revising history. In his response here, his resort is to abuse and distortion of facts. I will provide a more comprehensive rebuttal but for now let me deal with 3 issues quickly. First, lies:
2/ I have not told a lie. I, and more importantly, the Market Competition and Rates (MCR) Division of @NERCNG, NEVER participated in the “process” that led to the tariff reduction of March 2015. All @SamAmadi needs to do is refer to minutes of meetings. On the other hand,
3/ I not only participated, my MCR Division staffed and led EVERY tariff-review/tariff-making process between December 2010 and January 2010. The meetings across the country - Kano, Lagos, Abuja - that I took part in were held before 1st January 2015. Second, deceit: when we
4/ arrived at @NERCNG in December 2010, we 7 Commissioners met an extensive body of regulations and orders on internal administration, engineering, HSE and tariffs left behind by our predecessors led by Dr. Ransome Owan. We agreed that we would simply continue in our
5/ predecessors’ footsteps. Most readers do not realize that @SamAmadi was first appointed by President @GEJonathan as Commissioner for Corporate Planning before the additional task of Chairman/Chief Executive, which is a purely administrative designation. In those early days
6/ and throughout his tenure, @SamAmadi did not once put forward to his colleagues for debate his contrary thoughts he now eloquently expresses for our consideration. Instead, he proposed and we agreed to continue from where our predecessors stopped. One of those things we met
7/ was the Multi-Year Tariff Order (MYTO) framework, which comprehensively and logically sets out the rationale for initially allowing Discos recover (ATCC) - Aggregate Technical Commercialand Collection - losses and thereafter make the investments necessary to reduce ATCC losses
8/ and recover increasingly less until they zero out OVER A 5-YEAR PERIOD. This MYTO Model was advocated across Nigeria by @SamAmadi himself. That 5-year period actually did not start until 1st January 2015. Yet 11 weeks (not 5 years) later, the same @SamAmadi turned round to
9/ order the end of a major pillar of the market’s commercial/financial viability and announce a REDUCTION in tariffs 3 days before presidential elections. How else to interprete this? Wherein lies my deceit? Did I create thevMYTO framework? I believed then, and still believe
10/ now, however, in the utility of the MYTO framework. We all did, except @SamAmadi as he would now have us believe. Yet, in 5 years no memo arguing against AND proposing something more sensible or efficient or better. On the other hand, in June 2014, I proposed the =N=204bn CBN
11/ NEMSF scheme as a way to clean up the industry’s negative balance sheet, clear all debts, particularly to Gencos and gas suppliers, and thus clear a path for much-needed new capital to flow into the industry. This was something that I had on my own initiative, started
12/ discussing with @cenbank Governor Sanusi and Deputy Governor @MoghaluKingsley. Gov Sanusi, in December 2013 agreed in principle subject to seeing a viable mechanism for cost-reflective tariffs and repayment to @cenbank. Unfortunately, he could not stay to see it through or
13/ else we might have done it a year earlier and saved Nigeria a lot of money. To repay CBN, @NERCNG at my urging agreed to top the new cost reflective tariff with a =N=3/kWh charge that would go back to repay CBN. I never advocated and CBN did not give us a grant. It was a loan
14/ at 9% p.a. CBN has NO COLLATERAL for this 204bn outside this =N=3 charge. To reassure @cenbank’s Governor Emefiele, I drafted and @SamAmadi signed a letter to him stating clearly that @NERCNG would not in any way change tariffs during the pendency of the facility without
15/ first discussing with @cenbank. When @SamAmadi made his announcement in March 2015, it was without notice to @cenbank or even the courtesy of a phone call to Governor Emefiele. By then, I was back in the country and when I pointed out the need to warn Gov Emefiele and the
16/ huge loss of goodwill if we did not, @SamAmadi literally waved it away and never made the call. Has he forgotten? What can be more cavalier? What can be more deceitful? Third, I wanted to be Chairman of @NERCNG. 3 answers: Above all, it is not true. As someone who had been a
17/ cloistered, strict and secluded State Attorney-General for 4 years, I did not like the life of a regulator, a job that often meant wielding a big stick. My staff in MCR will recall that at my first meeting with them in January 2011, I said that we needed to do our jobs so
18/ well that by 2015 they would all have been poached away by industry; and that if by then we were all still in MCR then it was likely that we would have failed. I had no idea how prescient I was. In August or September 2014, during one of our lunches, I told my colleagues
19/ that my hope was that once the Transition Stage Electricity Market (TEM) was launched in 2015, I would resign so that my 2-year statutory time away from the industry could start running early and I could return as a consultant/investor and start earning serious money. To do
20/ that I needed to ensure that the market was on a sound footing and customers were receiving the kilowatt-hours they needed and giving Naira in return. This was my entire focus. Not any yeye Chairmanship. @SamAmadi was always paranoid about others wanting his chairmanship. It
21/ made him quite a disagreeable fellow and diverted his attention away from his primary task a @NERCNG Commisioner for Corporate Planning, a job he hardly paid attention to all through the time I was there. Lastly, how could I, a card-carrying member of @OfficialPDPNig, have
22/ wanted to be a Chairman of @NERCNG under an @APCNigeria President who came into office being told that “all those NERC people are PDP” who allowed GEJ to sell the Discos to his cronies (a big lie but that’s another story). I may be many bad things but I am not stupid and I
23/ am not emotionally unintelligent. If @SamAmadi wanted to return as Chairman of @NERCNG, I most truthfully did not. Not then and not at any other time. This is not to say that I was not competent or eminently qualified or that a considerable number of
24/ people - many influential - did not want me in that office. Quite the opposite. @SamAmadi knows this. He knows that he was, from Day 1, not properly qualified for the office to which President @GEJonathan appointed him. He knew others were much better qualified and that is
25/ what eats at him, makes him so garrulous and makes him write as he has. He needs to reassure himself that he knows what he’s talking about. Sadly, he doesn’t. So, I have dealt summarily with the 3 themes that underlie his “robust response”. Not one of them really addresses
26/26 or justifies the damage he did to his country. He blew his chance. It is something he must live with. Let me go and play golf. When I return, I will look for the key documents that belie his mea culpa and consider publishing them.
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