The Nigerian Electricity Regulatory Commission (NERC) has revealed that four international customers owe the Nigerian electricity supply industry a total of $14.19m for services rendered in the first quarter of 2024.
These customers, who are supplied by Nigerian power generation companies, failed to make payments against the cumulative invoice issued by the market operator.
The debtors include Para-SBEE in Benin Republic, owing $3.15m, Transcorp-SBEE in Benin Republic, owing $4.46m, Mainstream-NIGELEC in Togo, owing $1.21m, and Odukpani-CEET in Togo, owing $5.36m. According to NERC’s report, none of these international customers made any payments for the electricity exported to them.
Nigeria supplies electricity to neighboring countries, including Benin, Togo, and Niger, as part of its international bilateral agreements.
The non-payment by these customers raises concerns about the financial sustainability of Nigeria’s electricity supply industry and its ability to recover costs for services rendered.
The report states:
“In 2024/Q1, none of the four (4) international bilateral customers serviced by the MO made any payment against the $14.19 million invoice issued to them by the MO for services rendered in 2024/Q1.
“Similarly, none of the bilateral customers within the country made any payment against the cumulative invoice of N1,860.11 million issued to them by the MO for services rendered in 2024/Q1.”
Gaius Otutu is the owner of GistsNaija, which was launched in 2012.
Gaius Otutu is a prominent Nigerian businessperson who has made a name for himself in the world of entrepreneurship. Born and raised in Delta State, Nigeria, into a family of 6, with his Siblings Blessing, Favour, Henry. Gaius has always had a keen eye for business opportunities and a strong desire to make a positive impact on his community. He started his entrepreneurial journey at a young age and has since become a highly successful and well-respected figure in the Nigerian business world.
Gaius passion for business was evident from an early age, as he was always looking for ways to make money and create opportunities for himself. He started his first business while still in secondary school, and it was clear from the beginning that he had a natural talent for entrepreneurship. After completing his education, Gaius fully dedicated himself to building his career and making his mark in the business world.
One of Gaius most notable ventures is GistsNaija, a leading Nigerian entertainment and news website that he founded in 2016. GistsNaija has grown to become one of the most popular and trusted websites in Nigeria, attracting millions of visitors each month. The platform provides a wide range of content, including Movies, music, news, and entertainment, and has become a go-to source for many Nigerians seeking the latest updates and information.
In addition to GistsNaija, Gaius has also ventured into other business areas, including Tech and real estate. His keen eye for spotting emerging trends and his ability to connect with his target audience have been key to his success in these ventures. Gaius has demonstrated an impressive understanding of consumer behavior and market dynamics, allowing him to build thriving businesses that meet the needs and desires of his customers.
on 22 August, 2024 | 
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