Benin, Niger Risk Darkness As NBET, TCN Demand N35.4bn Debt Payment

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electricity debt intervention fund

Neighbouring countries of Benin and Niger Republic are currently at the mercy of the Nigerian Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) and risk their steady power supply from Nigeria being cut off any time from now.

NBET and the TCN have jointly written to the power firms of the Republics of Benin and Niger, demanding the payment of an outstanding $115.91m (about N35.4bn at the official exchange rate of N305 to a dollar for electricity supplied to both countries from Nigeria.

Read Also: Electricity Debt Rose By Over N100 Billion In 2016

Already, a terse memo from both agencies has been sent to NIGELEC of the Republic of Niger and Community Electric du Benin of the Republic of Benin.

Besides, representatives of NBET had informed participants at the recent power sector meeting that a report on international customer payments for electricity had been submitted to the Federal Ministry of Power, Works and Housing.

Read Also: NBET In Fresh Financial Controversy Over 700 Billion Naira Loan

According to the memo, the outstanding amounts owed by CEB, $101.46m; and NIGELEC, $14.45m was referenced in the minutes of the recent 17th power sector meeting, which was obtained by our correspondent in Abuja.

The memo added that, “He (the representative) stated that NBET and the TCN were planning to attend a meeting at CEB’s headquarters in Lome, Togo, to finalise and execute the power sale agreement currently being negotiated and to prevail on CEB to immediately effect the outstanding payment at the meeting.

“He also informed the meeting that NBET and the TCN had agreed on a new sharing formula on the outstanding amounts from CEB and NIGELEC.”

Also, Business Hilights gathered that NBET and the TCN were planning to attend a meeting at CEB’s headquarters in Lome, Togo, to finalise and execute the power sale agreement currently being negotiated and to prevail on CEB to immediately effect the outstanding payment at the meeting.

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About Busayo Oladejo 415 Articles
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