
The Niger Delta electricity Holding Company (NDPHC) managing director, Mr. Chiedu Ugbo, estimates that the country’s electricity sector owes between N150 billion and N180 billion to include cbn and NBET
Ugbo made these remarks on Monday in Lagos during a roundtable with journalists.
Among the businesses owing NDPHC, he named the Central Bank of Nigeria (CBN) and Nigeria Bulk Electricity Trading Company (NBET).
Nonetheless, Ugbo insisted that the company’s motivation for the Light up Nigeria Project was unaffected by the indebtedness.
According to the head of NDPHC, the firm owed money to gas producers as well as other companies in the value chain.
On the Light UP Project of the company, the NDPHC boss said, “We have started with Ibadan Electricity Distribution Company (IBEDC) to supply Ota Industrial Clusters, while many other projects are also on with other DisCos.”
He said that the stake of 10 Inregrated Power Plants (NIPPs) was embargoed because the owners of the business were 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 and the state governments,” he said.
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