The Managing Director of Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, has disclosed that the debts afflicting Nigeria’s power system have escalated to a staggering sum ranging between N150 billion and N180 billion. This revelation was made by Mr. Ugbo during a roundtable discussion with journalists held on Monday in Lagos.
Mr. Ugbo specifically identified the Nigeria Bulk Electricity Trading Company (NBET) and the Central Bank of Nigeria (CBN) as major contributors to the debts owed to NDPHC. Despite this substantial financial burden, he emphasized that the company’s pursuit of the Light Up Nigeria Project remains undeterred.
Furthermore, the NDPHC chief highlighted that the company also owes debts to other entities within the power value chain, including gas producers. Expatiating on the Light Up Project, he stated, “We have initiated the provision of electricity to the Ota Industrial Clusters through collaboration with Ibadan Electricity Distribution Company (IBEDC), while several other projects are concurrently underway in partnership with other Distribution Companies (DisCos).”
Regarding the status of the 10 Integrated Power Plants (NIPPs), Mr. Ugbo revealed that their ownership remains encumbered as the proprietors are yet to make a decision to divest. He clarified, “The owners of the business have not reached a consensus on divestment. At NDPHC, we are simply custodians. Our actions will be contingent upon any decision arrived at by the federal and state governments, who are the principal owners of the business.”
The roundtable meeting was attended by Abdullahi Kassim, Executive Director of Generation; Ifeoluwa Oyedele, Executive Director of Networks; and Dr. Steven Andzenge, Executive Director of Legal Services.
NAN
