“NBET yet to convene fresh reconciliation meeting since March 2025 … audit must follow contract terms — Ogaji, CEO APGC
Oredola Adeola
The Association of Power Generation Companies (APGC) has dismissed as inaccurate media reports claiming that ₦2.8 trillion constitutes a newly verified and final settlement of legacy debts owed to generation companies (GenCos).
Dr. (Mrs.) Joy Ogaji, Chief Executive Officer (CEO) of APGC made this known in a statement obtained by Advisors Reports on Monday.
The clarification comes in response to a publication by Punch Newspaper, which cited unnamed, highly placed officials in the Presidency and the Federal Ministry of Power as sources with knowledge of ongoing negotiations.
According to Punch, the GenCos had initially demanded N6 trillion and proposed a N3 trillion federal bailout.
However, the report quoted Presidency and Power Ministry sources who insisted that President Tinubu had called for a thorough audit of the operators’ claims before authorizing any public funds, citing similarities with inflated documentation under the fuel subsidy regime.
The APGC CEO said, “the report is completely inaccurate.”
Ogaji stated that outstanding payment obligations to GenCos stem strictly from bilateral commercial agreements executed within Nigeria’s electricity market framework.
She explained that the liabilities are not unilateral claims but contractual obligations arising from electricity generated, dispatched, and consumed under regulated tariffs, with output verified through metered megawatts recorded within the system.
She emphasized that any reconciliation or audit of the debts must be conducted transparently and in line with the provisions of those agreements.
Ogaji noted that as of December 2025, no further reconciliation meeting had been convened by Nigerian Bulk Electricity Trading Plc following the March 2025 tripartite reconciliation exercise.
According to her, it is on record that in July 2025, after a reconciliation involving GenCos, NBET, the Federal Ministry of Finance, and the Office of the Special Adviser on Energy, President Bola Tinubu approved ₦4 trillion in recognition of verified legacy obligations.
She said the commitment followed due process and formal engagement, adding that GenCos acted in good faith and that financial institutions, gas suppliers, and investors relied on that assurance.
Ogaji warned that revising figures outside the established reconciliation framework could undermine market confidence and contractual certainty.
She attributed the sector’s liquidity challenges to structural factors, including tariff shortfalls under regulated pricing, settlement deficits, foreign exchange exposure, and accumulated unpaid invoices, stressing that these are systemic market realities rather than arbitrary demands.
She added that the association remains confident in the President and in the integrity of the July 2025 engagement, expressing expectations that subsequent discussions will be conducted transparently and within the framework of the bilateral agreements governing the market.
Further addressing the issue, Ogaji stated that the last reconciliation exercise between stakeholders remains that of March 2025, noting that no invitation has been extended to GenCos for any subsequent review.
She stressed that the companies remain open to scrutiny, saying they are willing to participate in monthly or quarterly reconciliation if required.
She expressed concern that the headline published by Punch Newspaper could have far-reaching implications, warning that such reports raise political and contractual risk concerns.
According to her, it suggests the possibility of unilateral interference in bilateral agreements without the consent of all parties, a scenario she said could undermine contractual sanctity within the power sector.
Ogaji, however, maintained confidence in President Bola Tinubu, describing him as an astute businessman who would not take actions capable of disrupting established contractual processes.
She added that the publication appears to be the handiwork of mischief makers and unnamed sources, reiterating the association’s position that the claims should not be taken as official policy.
