The Niger Delta Power Holding Company (NDPHC), has disclosed that the debt profile of the country’s power system has reached about N180 billion.
The company said that despite the whopping debt challenges, it is progressing with the Light Up Nigeria project.
Managing director of the company, Chiedu Ugbo, while speaking at a media roundtable in Lagos, said the Light Up exercise has commenced with Ibadan Electricity Distribution Company (IBEDC) targeting supply to Ota Industrial Clusters, while many other projects are also on with other Distribution Companies (DisCos).
Ugbo, added that the debt profile is not deterring the Company from sustaining and advancing the Light up Nigeria project.
He listed those owing the Company to include Nigeria Bulk Electricity Trading Company (NBET), while some debts are in the name of Central Bank of Nigeria (CBN),
Speaking at the event attended by the executive director (ED) Generation, Engineer Abdullahi Kassim, ED Networks, Engineer Ifeoluwa Oyedele, and ED, Legal Services, Dr. Steven Andzenge, the managing director added that the company is also indebted to other entities in the value chain including the gas producers.
He also stated that the sale of 10 Integrated Power Plants (NIPPs) was embargoed because the owners of the business are yet to take a decision to sell.
“The owners of the business have not come up with a decision to sell. We at the NDPHC are just care-takers. We will act based on any decision taken by the owners of the business, which are the Federal Government, and the states governments,” he said
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