Denying any wrongdoing however, the manager of the Nigerian Electricity Supply industry claimed that the investor owed N15 billion in clawback, insisting that it could be out to “blackmail the Federal Government.” Nigeria GenCos ElectricityBill
The two utilities, which power the entire South West region, have, therefore, threatened to initiate action against the Federal Government at the London Court of International Arbitration over the matter.
This is coming few weeks after all of the nation’s 10 distribution companies sued the government for alleged interference in their operations. The N5 billion was allegedly a wrong calculation arising from discrepancies in exchange rate for the electricity supplied for 13 months, while the N8 billion was said to be erroneously deducted.
NBET maintained that by using the capacity values in the FSS and instead of the PPA, the agency complied with the contractual obligations in the purchase pact as well as the rules guiding relationships among the multiple agents in the market.
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