Eight of Nigeria’s largest power generation companies, including Transcorp Power, Egbin Power, and Geregu Power Plc, have signed onto President Bola Tinubu’s N3.3 trillion debt settlement programme, a deal aimed at restoring liquidity to an electricity sector that has lurched from one financial crisis to the next for nearly a decade
The agreement, which covers 15 power plants operated by six private companies and two state-owned entities, represents the most ambitious attempt yet by any Nigerian administration to clear the mountain of unpaid obligations that has strangled investment, crippled maintenance schedules, and kept the lights off for millions of Nigerians
BusinessDay’s findings showed Egbin Power Plc, the country’s single largest generating station with an installed capacity of 1,320 megawatts spread across six units in Ikorodu, Lagos, is arguably the most significant name on the listGeregu Power Plc, which operates its flagship plant in Ajaokuta, Kogi State, and is one of the few generation companies listed on the Nigerian Exchange Group, also signed. So did two Transcorp-affiliated entities, Transcorp Delta, operating out of Ughelli, and Afam Power, which runs the Afam complex in Oyigbo, Rivers State, both units of Tony Elumelu’s Transnational Corporation groupFirst Independent Power Limited, which operates four gas turbine plants across Rivers State with a combined installed capacity of 541 megawatts, is among the private sector participants. Mabon Limited, a privately held company running a hydropower concession in Gombe State, rounds out the private contingent