Nigeria’s power sector Illiquidity hits N1trillion as ANED seeks probe of NBET’s invoices inflation

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Nigeria’s power sector Illiquidity hits N1trillion as the Association of Nigerian Electricity Distributors (ANED) called on the Federal Government to probe the Nigerian Bulk Electricity Trading (NBET) Plc over inflation of invoices to Electricity Generation Companies (GenCos).

Its Director of Research and Advocacy, Mr Sunday Oduntan at a briefing in Abuja, said NBET and power generators have to open their books for scrutiny.

He called for immediate intervention in the power sector to make it more sustainable, stressing that the process for raising monthly energy invoices be made transparent.

“The GenCos (are) inflating invoices especially on capacity charges. I just heard about this for the first time last week although, over time we have been wondering that perhaps there is a magic somewhere or that some magicians were doing magic somewhere under the table.

ANED urged the Federal Government to compel a transparent audit of market accounts noting that DisCos can’t continue to pay for GenCos’ investments when such costs cannot be passed to electricity customers.

“If there is any kind of fraud, then it is time to address it. We have invoices to show for it and if we haven’t confirmed it, we won’t be talking about it.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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