Saturday, April 17, 2021
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result

Nigeria govt, GenCo lock horns over N13.2bn electricity invoice

Financial Street by Financial Street
June 16, 2020
in Energy, Front Page
0
Nigeria govt, GenColock hornsover N13.2bn electricity invoice
0
SHARES
6
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Nigerian Bulk Electricity Trading Plcand the promoter of Omotosho and Olorunsogo power generation companies, Sepco Pacific Energy Partners Limited, are at loggerheads over electricity invoices hovering around N13.2bn.

Sepco, which powers South West Nigeria, has, therefore, threatened to initiate action against the Federal Government at the London Court of International Arbitration over the matter.

READ ALSO

Train 7 project: Nigeria to clampdown on erring expatriates

Nigeria seeks Commonwealth’s support on net-zero emissions

Denying any wrongdoing however, the manager of Nigerian Electricity Supply industry claimed that the investor owed N15bn in clawback, insisting that it could be out to “blackmail the Federal Government.”

Read Also:

  • Train 7 project: Nigeria to clampdown on erring expatriates
    Train 7 project: Nigeria to clampdown on erring expatriates
  • Nigerian govt apologises over power outage
    Nigerian govt apologises over power outage
  • Tax evasion: KIRS seals five bank’s branches
    Tax evasion: KIRS seals five bank’s branches

This is coming few weeks after all of the nation’s 10 distribution companies sued the government foralleged interference in their operations.

Alleging that NBET shunned the Power Purchase Agreement for the Final Settlement Statementissued by the Market Operator, the investorheld that the government agency, under the PPA,reportedly deducted N5.2bn from the GenCos’ accounts, while withholding about N8bn from the company.

The N5bn was allegedly a wrong calculation arising from discrepancies in exchange rate for the electricity supplied for 13 months, while the N8bn was said to be erroneously deducted.

But in a 10-page document dated June 8 2020, the Managing Director of NBET, Marilyn Amobi, insisted that the agency did no wrong in the invoices and deductions.

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 relationshipsamong the multiple agents in the market.

On the allegation of non-refund of over N5bn invoices, NBET noted that while it based its calculation on an exchange rate of N169 to a dollar, the approved rate as provided under the Multi Year Tariff Orderas at 2013 was N157 to the American currency.

“As you know, since 2017, NBET has made unsuccessful attempts to meet with you and your representatives to resolve the Base Exchange Rate that should be applied to your plants, and to agree on clawback that NBET needs to charge against your plants,” the document stated.

close
Subscribe to our newsletter and join thousands of readers of our financial, economic & investments news blog!
We don't spam with your email

Check your inbox or spam folder to confirm your subscription.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: ElectricityEnergyGencolockNigerian electricity

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Financial Street

Financial Street

Related Posts

Train 7 project: Nigeria to clampdown on erring expatriates
Energy

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
We recognise importance of energy efficiency – OPEC boss
ENVIRONMENT

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing
Commodities

BUA, Dangote settle rift over sugar pricing

April 16, 2021
Financial Street - TUC kicks against planned electricity tariff hike
Energy

Nigerian govt apologises over power outage

April 15, 2021
Amref establishes commission to review Africa's universal health coverage
Front Page

IFC seals $300m deal for Africa’s health sector

April 15, 2021
e-commerce boutique
Financial Inclusion

Report: E-commerce adds $900bn to online retail globally

April 15, 2021
Next Post
AfDB president: Adesina to be sworn in for second term today

AfDB: From commitment to action in COVID-19 response

RECENT STORIES

YouTube suspends Nigerian TV evangelist

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

April 16, 2021
Train 7 project: Nigeria to clampdown on erring expatriates

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
Negative growth hits Nigerian States’ IGR

Negative growth hits Nigerian states’ IGR

April 16, 2021
We’ll prioritise access to COVID-19 vaccine

We’ll prioritise access to COVID-19 vaccine – AU

April 16, 2021
AstraZeneca: AZD1222 vaccine met primary efficacy in preventing COVID-19

Africa CDC unsure of second COVID-19 vaccine

April 16, 2021
We recognise importance of energy efficiency – OPEC boss

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing

BUA, Dangote settle rift over sugar pricing

April 16, 2021

TRENDING

  • Adesegun Banjoko, President-elect, National Association of Block Moulders of Nigeria

    Blame govt for high cement price – Banjoko

    0 shares
    Share 0 Tweet 0
  • Professionals need strategy to survive in job market – Funmi Bajulaiye

    2 shares
    Share 0 Tweet 0
  • Affordable housing as mirage despite govt’s intervention

    0 shares
    Share 0 Tweet 0
  • Executive Order 007 indispensable for road infrastructure development – Shonubi

    0 shares
    Share 0 Tweet 0
  • Dealing with car overheating

    0 shares
    Share 0 Tweet 0
Financial Street is a meeting point for technology, economy, and journalism.

© Financial Street 2020. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS