NBET Debts To Egbin Power Hit N388bn

The debts which the Nigeria Electricity market is owing biggest power plant in Sub-Saharan Africa, Egbin Power Plc, has hit N388 billion.

Director, Egbin Power, Mr. Kola Adesina, who declared this when the Senate Committee on privatisation and commercialisation paid a facility visit to the plant in Egbin, Lagos, maintained that the debt, which the Nigeria Bulk Electricity Trader is owing the plant, may put a question mark on the country’s sanctity of contracts.

As a company that believes in Nigeria, Adesina said, Egbin, which “has invested $1 billion in its value chain, is perfecting investment plan of $2 billion for expansion.”He gave the breakdown to include $1.8 billion for Egbin Power 2 and overhaul of the existing plant as well as $200 million for estate .

“The plant, which is the biggest in Sub-Sahara Africa with capacity of 1320 MW was generating 400 MW as at the time we took over, but today the generation has been surged above 800MW. At some points, we generated 1,100MW. We have been doing an average of 1,000MW this year. “We are having a future investment including the Egbin 2 expansion, overhauling of Egbin 1 and staff quarters that will cost $2 billion.

“Despite these, there are challenges we face that we want this committee to help us with. The NBET still owes Egbin a debt of N388 billion including money for actual energy wheeled out and interest for late payment.

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