Nigeria’s Power System Debts to NDPHC Hits N180bn- Ugbo
Mr Chiedu Ugbo, Managing Director, Niger Delta Power Holding Company (NDPHC), says the debt profile of Nigeria’s power system stands between N150 billion and N180 billion.
Ugbo said this during a roundtable with newsmen on Monday in Lagos.
He identified Nigeria Bulk Electricity Trading Company (NBET) and the Central Bank of Nigeria (CBN) as one of the companies owing NDPHC.
Ugbo, however, maintained that the debts did not affect the company’s drive for the Light up Nigeria Project.
The NDPHC boss said that the company was also indebted to other entities in the value chain, which include the gas producers.
On the Light UP Project of the company, the NDPHC boss said, “We have started with Ibadan Electricity Distribution Company (IBEDC) to supply Ota Industrial Clusters, while many other projects are also on with other DisCos.”
He said that the stake in 10 Integrated Power Plants (NIPPs) was embargoed because the owners of the business had yet to decide to sell.
“The owners of the business have not come up with a decision to sell. We at the NDPHC are just caretakers.
“We will act based on any decision taken by the owners of the business, which are the federal and the state governments,” he said.
Those who attended the meeting were Mr Abdullahi Kassim, Executive Director of Generation; Mr Ifeoluwa Oyedele, Executive Director, Networks and Dr Steven Andzenge, Executive Director, Legal Services. Investors Stake N653bn on Nigerian Sukuk -DMO
