Egbin Power Plant Owed N40bn

Egbin Power Plant Owed N40bn

Nigeria’s largest power plant said that it’s owed more than 40 billion naira ($202 million) and is facing persistent gas supply shortages despite boosting capacity, highlighting continuing challenges in ending daily blackouts since private companies took over the state utilities two years ago.

Egbin Power Plc’s Chief Executive Officer Dallas Peavey Jr. said the generating plant was owed the amount from an outstanding cumulative balance for 10 months and that the West African nation’s central bank had delayed “legacy” debt payments. Peavey’s comments were cited in a statement on Tuesday issued by Nigeria’s Bureau of Public Enterprises.

Peavey said 46 billion naira had been invested in the 30-year-old plant in Lagos, the commercial capital, co-owned by Nigeria’s Sahara Group and Korea Electricity Power Corp., to boost its capacity from less than 50 percent to 85 percent since it took over the asset from the Nigerian government in 2013. Egbin now generates an average of 1,100 megawatts. Read more

 

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