Mr. Akinnawo, is a consummate professional with over twenty-five (25) years of experience; a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); and, a seasoned Energy Contract Management Specialist. As the pioneer Financial Controller of NBET in 2012, he was responsible for architecting the seamless setup of NBET’s Accounting Systems, designing and implementing transparent controls and instituting a culture of transparency and integrity in all NBET Energy Market Settlements. He has been an integral part of the NBET Management team
since inception, successfully manages all NBET market receipts from Distribution Companies (DisCos), as well as payments to Generation Companies (GenCos), including Government Intervention funds and the FGN World Bank Power Sector Recovery Operation (PSRO) funds, which is in excess of N5trillion, without any reported loss in funds, error or misapplication.
Since January 2017, he has been part of the team that successfully managed the disbursement of over N701billion from the FGN CBN/NBET Payment Assurance Facility (PAF) Fund and the N600billion expansion of the same facility. He was also Head of NBET’s Guarantees and Risk Management Department, from 2019 to December 2020, where he was responsible for the efficient and effective management of the company’s suites of guarantees and providing leadership in the administration of sovereign guarantees in the form of Partial Risk Guarantees (PRGs) and Put-Call-Options Agreement (PCOAs), with other forms of payment guarantees. He is an ardent believer
in reforms, an assiduous advocate for systems improvement, a methodical organizer, and an incurable optimist.
Prior to this appointment, as the General Manager, Origination, Contract Management and Administration, he was responsible for directing IPP planning and procurement activities through contract negotiations, managing portfolio risks and ensuring regulatory compliance. Among other achievements, he led the team that successfully completed the negotiation of several greenfield IPP projects and closed out on the Trans Afam 726MW Power Purchase Agreement (PPA), facilitating the FGN’s privatization of the Power Plant and paving the way for additional
investments of up to N105.3billion. He also finalized a 50MW power purchase contract for the Maiduguri Emergency Power Project, restoring electricity to the region after insurgency disruptions. Additionally, he achieved the successful implementation of the first-ever industrywide synchronous capacity test of Power Plants in NBET’s portfolio, to ascertain the plant’s net dependable capacity alongside gas sufficiency/availability in the Nigerian Electricity Supply Industry (NESI).
He is a 1994 graduate of Accounting and Finance, including a master’s in business administration (MBA) in 2001. He qualified as Chartered Accountant (ACA) in 2002 and attained the esteemed rank of Fellow of Chartered Accountants (FCA), of the Institute of Chartered Accountants of Nigeria (ICAN) in 2014. Mr Akinnawo, is an APMG-Certified PPP Professional (2018), and has undertaken extensive strategic executive courses at Wharton Business School, University of Pennsylvania, Harvard Law School, University of Florida, London Business School, Aarhus University, Denmark and the Lagos Business School, Pan African University.
Mr Akinnawo, now leads NBET at a time when the company is implementing measures to stabilize the electricity market and address liquidity in the electricity value chain. He is working collaboratively with the regulator, other critical sector participants and the Federal Government of Nigeria, to ensure sustained and continuous settlement of all obligations to GenCos, including those from DisCos and the Government. As the Chairman of NBET’s Working Group on the implementation of an Energy Exchange, Mr Akinnawo is also leading the company’s efforts to facilitate a more sustainable electricity market in the country.