The Association of Power Generation Companies (APGC) has dismissed reports that the Federal Government has verified and approved ₦2.8 trillion as the final settlement of legacy debts owed to electricity generation firms.
In a statement issued Monday in Abuja, APGC’s Chief Executive Officer, Joy Ogaji, described the claim as misleading:
“We categorically reject recent media reports suggesting that ₦2.8tn represents a newly verified and final settlement of GenCos’ legacy debts. The report is completely inaccurate. It is fake news.”
Earlier reports had quoted presidency sources as saying President Bola Tinubu approved ₦2.8tn after rejecting a ₦6tn claim submitted by operators. But Ogaji challenged those sources to publish their audit findings:
“Those Presidency sources should come out openly. I dare them. Publish your audit report. Why hide to throw stones?”
Ogaji stressed that the outstanding obligations stem from bilateral commercial agreements within the Nigerian Electricity Supply Industry, not arbitrary claims.
“The energy generated by GenCos is metered and documented. The megawatts generated and dispatched to the grid are captured under established market procedures. These form the basis of invoices rendered under bilateral agreements. Any suggestion that figures are arbitrary is incorrect.”
She insisted that any reconciliation must be transparent and consistent with contractual provisions.
Ogaji recalled that in July 2025, after a tripartite reconciliation involving GenCos, NBET, the Ministry of Finance, and the Office of the Special Adviser on Energy, Tinubu approved ₦4tn in recognition of verified obligations.
“It is on record that His Excellency approved ₦4tn in recognition of verified legacy obligations. That commitment was made following due process and formal engagement.”
She warned that revising figures outside the established framework undermines investor confidence and contractual sanctity.
Ogaji attributed the persistent liquidity challenges in the power sector to structural issues such as tariff shortfalls, settlement deficits, foreign exchange exposure, and unpaid invoices.
“These are structural market realities, not arbitrary demands,” she said.
Despite the controversy, APGC reaffirmed confidence in the President and called for future discussions to be conducted transparently within the framework of existing agreements.
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