The Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company are estimated to owe between N150 billion and N180 billion for their debts related to Nigeria’s power system, according to the Managing Director of the Niger Delta Power Holding Company, Chiedu Ugbo.
According to The Times, the MD said “The market owes NDPHC hundreds of billions in outstanding invoices as of May, totaling N190 billion.
Since 2015, when the Transitional Electricity Market was announced, NDPHC is also not been paid for availability; rather, it is only paid for dispatch. As a result, NDPHC has lost hundreds of billions of dollars, and the government has not been paid N3 trillion.
He made this claim at a Monday media roundtable in Lagos, but he took sure to stress that it hasn’t affected the business’s dedication to the Light Up Nigeria Project.
Ugbo further admitted that NDPHC is owed to a number of parties throughout the electricity value chain, including gas producers.
In reference to the Light Up Project, he stated that many projects are now underway with various Distribution Companies, including the provision of electricity to Ota Industrial Clusters through the Ibadan Electricity Distribution Company.
Separately, Ugbo clarified that the owners’ hesitancy to sell the company is the reason why the stake in ten Integrated Power Plants is still frozen.
He said, “The company’s proprietors have not decided whether to sell. At the NDPHC, we merely serve as caretakers.
“We will take action in accordance with any decision made by the business’s owners, the federal and state governments.”
