Mr Chiedu Ugbo, Managing Director, Niger Delta Power Holding Company (NDPHC), says the debt profile of Nigeria’s power system stands between N150 billion and N180 billion.
Ugbo said this during a roundtable with newsmen on Monday in Lagos.
He identified Nigeria Bulk Electricity Trading Company (NBET) and the Central Bank of Nigeria (CBN) as one of the companies owing NDPHC.
Ugbo, however, maintained that the debts did not affect the company’s drive for Light up Nigeria Project.
The NDPHC boss said that the company was also indebted to other entities in the value chain, which include the gas producers.
Misuse of $321m loans for electricity projects: Reps summon CBN, DISCOs, contractors
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.
BRANDPOWER reports that those that attended the meeting were Mr Abdullahi Kassim, Executive Director Generation; Mr Ifeoluwa Oyedele, Executive Director, Networks and Dr Steven Andzenge, Execultive Director, Legal Services.
