The Nigerian Electricity Regulatory Commission (NERC) has revealed the whopping amount owed to the Federal Government by some foreign companies.
A new report by NERC noted that the debt is on the electricity consumed in the fourth quarter of 2024.
Listed among the debtors are Transcorp-SBEE (Ughelli) in Benin and Transcorp-SBEE (Afam 3). Others are Paras-SBEE and Paras-CEET both in Benin Republic, and Odukpani-CEET in Togo.
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NERC noted that Transcorp-SBEE (Ughelli) in Benin paid $1.71m out of $3.59m; while Transcorp-SBEE (Afam 3) paid $0.90m out of its $1.2m invoice.
As such, Transcorp (Ughelli) still owes the sum of 1.88M, while Transcorp-SBEE (Adam 3) owes 300k.
On its part, Paras-SBEE in Benin Republic has an outstanding of $2.65m; Paras-CEET also in Benin will balance $1.64m; and Odukpani-CEET in Togo owes $2.37m.
The above information is contained in a new report by the commission, which highlights the remittances made by bilateral customers (domestic and international) and special customers for invoices issued in 2024/Q4 by the Market Operator.
In its analysis, the NERC report noted that the six international bilateral customers being supplied by Gencos in the Nigerian electricity supply industry “made a payment of $5.21m against the cumulative invoice of $14.05m issued by the Market Operator for services rendered in 2024/Q4,” translating to a remittance performance of 37.08 per cent.
The report showed that only Mainstream-NIGELEC paid off a $2.60m invoice issued to the company by the market operator.
NERC added that the domestic customers made a cumulative payment of N1.25m against the invoice of N1.98m issued to them by the market operator for services rendered in the last quarter of 2024, translating to 63.36 per cent remittance performance.
“It is noteworthy that some bilateral customers (both domestic and international customers) made payments during 2024/Q4 for outstanding MO invoices from previous quarters. Paras-CEET, Pars-SBEE and Transcorp-SBEE made payments of $0.98m $0.7m, and $1.3m respectively, towards outstanding invoices from previous quarters.
“Similarly, the MO received N135.81m from the domestic bilateral customers [NDPHC-Weewood: N21.17m; North South/Star Pipe: N11m; Taopex: N83m; and Trans-Amadi (OAU/FMPI): N20.74m towards outstanding invoices from previous quarters.
“The regulator reports that the special customer, Ajaokuta Steel Co. Ltd, and the host community did not make any payment towards the N1.27bn (NBET) and ₦0.11bn (MO) invoices received in 2024/Q4.
“This continues a longstanding trend of non-payment by this customer, and the commission has communicated the need for intervention on this issue to the relevant FGN authorities,” the report noted.
This comes barely weeks after Heirs Holding was named among several others companies to be investigated by the House of Representatives.
The House of Representatives announced it’s plans to investigate the companies due to their none remittance of a whooping sum of N9.4 trillion to the Federal Government.
Asides from Heir Holdings other companies involved are AITEO Eastern E&P Company, Seplat Energy Plc, Oando Plc among several others. Read Here
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