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GENCOs reject FG’s offer to forfeit 50% of N5trn debt
Power generation companies, GENCOs, have rejected contract offers from the Federal Government requiring them to accept 50 per cent of the total debt owed them for electricity supplied to the national grid.....TAP TO CONTINUE READING
Described as a 50 per cent “haircut”, the proposed contracts were sent out to each power generation company, with the exception of Azura Power West Africa.
The government proposed to pay the companies about N2.4 trillion or 49.9 per cent of the total debt.
Government debt to the GenCos rose to over N5 trillion at the end of June, with President Bola Tinubu agreeing to pay off the debt through bond issuance during a meeting with the companies in July.
Following the approval of the proposal by the Federal Executive Council, FEC, in August, top government officials met with the owners of the GenCos in early October, with the Special Adviser on Energy, Olu Verheijen announcing that an agreement had been reached with the companies on the debt repayment model.
In furtherance to this, the government on October 16, 2025, sent out two contract documents to the GenCos which, among other clauses, requested them to forfeit 50 per cent of the debt owed them as final payment.
Copies of the documents, sighted by Vanguard, titled “NBET deed of settlement” and “Deed of novation”, among other things, sort to transfer government debt from the Nigerian Bulk Electricity Trading Plc, NBET, to a new special purpose vehicle, named NBET Bond Finance Company Plc.
The contracts read: “GenCo, hereby, accepts the sum of (“Settlement Amount”) as the full and final settlement of the outstanding legacy Ddebt, including any interest thereon and any other claim for losses, whether present or future and whether known or unknown, in respect of the legacy debt.
“For the avoidance of doubt, GenCo agrees that the settlement amount, as a compromise of its rights to the legacy debt, hereby (i.e., from the date of this Agreement), extinguishes its right to any claims to the legacy debt, including any contractual claims for losses whatsoever and howsoever, arising whether from deemed capacity, true ups and interest on delayed payment of substantive invoice amounts, true-up compensations or deemed capacity payments referenced in Appendix A or elsewhere.
“The parties agree that subject to prompt payment of the settlement amount as contemplated in the payment structure under Clause 3 below and Appendix B, the settlement amount shall not bear any interest or give rise to any further claims for any losses whatsoever.
“NBET’s obligation to pay the settlement amount to GenCo shall be novated to Bond SPV, via the Novation Agreement and upon its execution, Bond SPV shall be solely responsible for payment of the settlement amount.
“The parties acknowledge and are aligned on the PPSFRP’s plan for the settlement amount to be paid by Bond SPV solely from the outcome of an FGN-backed public bond issuance programme that will be conducted by the Bond SPV (“Bond Programme”).
“These bond proceeds are expected in successive issuance phases and tranches that will have an impact on the exact timeline for payment of the settlement amount in installments (where applicable).”
However, a source in one of the GenCos told Vanguard that the deal which was being pushed through by the Presidential Power Sector Debt Reduction Plan Committee, was in bad faith and calculated to undermine the pledge by President Tinubu to resolve the financial crisis facing the Nigerian Electricity Supply Industry, NESI.
The source, who did not want to be named for fear of victimization, noted that at the meeting between the Ministers of Finance and Power, the Special Adviser to the President on Energy and selected chairmen of power generation companies, the 50 per cent offer was roundly rejected.
“For them now to draw up individual contracts for the companies and force it down on them is quite unfortunate. The GenCos have again rejected it and we are insisting that the government should pay off the debt in full,” the source added.
The source explained that after the GenCos rejected the offer, the companies presented two potential approaches to the government, which the contract documents ignored.
According to the source, the first option was for the government to immediately pay N2.4 trillion to the GenCos, with the balance deferred to later dates.
The second option was for the application of a 10 per cent haircut on interest relating to energy and capacity delivered while paying deemed capacity and true-up in full.
Another GenCo source, who confirmed the contract offers, said the companies were given just five days to accept the offer.
“The contract papers were sent on October 16, with companies given October 21, as the deadline to respond to the offer. As far as I know, all the GenCos rejected it,” the source said.
On what would happen if nothing was done (about the debt), the document said: “Without this debt settlement and refinancing, financial distress within the NESI value chain would worsen, leading to reduced power generation and ultimately low supply to customers, higher risks of system collapse, and further erosion of investor confidence”.
Approached for comments on the government’s plan, the Managing Director of Mainstream Energy Solution Limited (Operators of Kainji and Jebba Hydro plants), Lamu Audu, said the solution to the debt crisis must be one that was agreeable to all parties.
He stated that the only way to attract more investments into the sector was to resolve the issue of financial challenges facing power generation companies and observed that while the realities facing hydro power plants were different from gas powered plants, the financial challenges were crippling operations.
He said the company was working with the government on a deal that would convert some parts of the debt to concessionaire fees payable to the Bureau of Public Enterprises, BPE.
Speaking on the deal offered by the government, energy market expert, Lanre Elatuyi, said it sent the wrong signal to investors.
Elatuyi noted that power generation companies were struggling to remain in business, adding that the government had an obligation to its commitment to the operators.
“Though I haven’t heard about this, if this is true, then we are sending a very wrong signal that will deter investments in the electricity sector.
“GenCos are currently faced with liquidity issues that affect optimal performance and ability to expand their capacities. With this haircut, their situations get worsened and the Nigerian electricity supply industry will soon experience serious resource adequacy problems.
“Also, we may experience high generation costs as GenCos will try to raise their marginal cost to accommodate anticipated loss of revenue,” he explained.
He pointed out that the government “should not expect more investors to come to a sector where cost recovery is very uncertain.”
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The Oyo State Police Command has announced an operational success recorded following an intelligence-led operation.....TAP TO CONTINUE READING
Acting on credible intelligence, operatives of the Command intercepted a truck conveying materials suspected to be explosive devices during a stop-and-search operation in Saki, Oyo State. The truck and the suspected materials were promptly secured and are currently in police custody.
Upon receiving a briefing on the development, the Commissioner of Police, Oyo State Command, CP Femi Haruna, immediately ordered a comprehensive investigation into the matter.
Consequently, specialised personnel of the Explosive Ordnance Disposal (EOD) Unit and the Chemical, Biological, Radiological and Nuclear (CBRN) Unit were deployed to safely secure the items for safekeeping and forensic examination. Detailed forensic analysis has since commenced, alongside a thorough and robust investigation to determine the exact nature of the items and their intended use.
The truck driver has been taken into custody and is cooperating fully with investigators as efforts continue to unravel all the circumstances surrounding the incident.
The Commissioner of Police commended the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, for his unwavering support, strategic leadership, and continued provision of operational guidance that enhance proactive, intelligence-driven policing across the country.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
One person has died and another sustained injuries following an assault by suspected armed bandits in Apa Local Government Area of Benue State.....TAP TO CONTINUE READING
According to sources, the attack took place on January 24 around 4:00 p.m. along the Amoke–Odugbo road in Ukpogo Village, Edikwu Ward.
The victims, identified as Mr Joseph Okoh and Miss Aneh Sunday, both from Ogodumo, Adoka in Otukpo LGA, were reportedly riding a motorcycle when the assailants struck.
“They were rushed to the Comprehensive Health Centre, Ugbokpo, where Mr Okoh was confirmed dead while receiving treatment. Miss Sunday is currently admitted and responding to treatment,” the source stated.
Nigerian troops were quickly deployed to the area, and a search operation in the surrounding bushes is ongoing to apprehend the attackers.
“The Criminal Investigation Department has commenced an investigation into the incident,” the source added.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
The Joint Admissions and Matriculation Board has scrapped special concessions and registration procedures previously granted to candidates with albinism for the 2026 Unified Tertiary Matriculation Examination, citing abuse of the privilege to perpetrate examination malpractice.....TAP TO CONTINUE READING
The Board also warned faith-based tertiary institutions to clearly declare their religious status at the point of admission, saying it is deceptive to present as secular and later impose religious rules on students.
As reported by Vanguard, these decisions were taken on Saturday at a meeting between JAMB management, led by its Registrar, Prof. Isaq Oloyede, and Commissioners for Education from the 36 states of the federation and the Federal Capital Territory, held in Ikeja, Lagos.
Oloyede said the meeting was convened to review and assess previous admission exercises.
He noted that despite safeguards introduced by the Board, some individuals remained determined to circumvent the system.
“We have stopped some concessions we gave albino candidates. This is because some are using artificial intelligence to manipulate the registration process to look like they are albinos because of the consideration we gave them.
“Last year alone, over 7,000 claimed to be albinos. We have stopped special registration procedures for albinos,” he said.
Addressing complaints from candidates admitted into some private institutions over compulsory religious instruction, Oloyede urged faith-based schools to be transparent.
“Faith-based institutions should declare from the onset what they are, so that whoever applies there will know what he is going to meet there. But some don’t do that. They will pretend to be secular, but once students are admitted, trouble will begin over religious instruction and injunctions.
“If you are a faith-based institution, say so. The law allows you to set up faith-based schools,” he said.
On last year’s UTME, where the highest-scoring candidate was later found to be a 300-level university student, the JAMB registrar said investigations showed that some undergraduates sit for the examination to change courses or assist others to secure admission.
“Students who are already in school but want to change courses and are applying again must declare and disclose their status.
“We have found that some candidates already in school are writing the examination for other candidates. Last year, the candidate who scored the highest was found to be a 300-level student in the university.
“Henceforth, any candidate found engaging in such an act, and who fails to disclose that he is already in school but wants to change course, will be disqualified and will also lose his current admission,” he said.
On admission criteria, Oloyede explained that federal government-owned institutions allocate 45 per cent on merit, 20 per cent on catchment area, 20 per cent to educationally disadvantaged states, while the remaining slots are allocated to other considerations.
“Each owner or state has the right to decide what its admission criteria will be. But for states, we encourage them to allocate at least 10 per cent to merit, regardless of where the candidates come from.
“This is to diversify the student population and admit eggheads from different communities,” he said.
He criticised some states for establishing new universities despite not fully utilising their admission quotas in existing federal institutions.
On underage candidates, Oloyede said 16 years remained the minimum admission age, noting that an attestation process was in place for exceptional cases.
“Last year, about 42,000 claimed to be underage. After evaluation, only 78 met the criteria and were admitted. We are not saying there are no talented candidates, but the figure looks outlandish,” he said.
The issue of how to engage underage candidates during a gap year divided opinions at the meeting, but a majority voted for JAMB to continue its special assessment process.
The meeting also observed that parental pressure on children to complete their education too quickly was a major contributor to the problem.
On efforts to curb examination malpractice, Oloyede said JAMB had stopped the movement of computers between Computer-Based Test centres.
“A computer registered in a particular centre will remain there and is not transferable to another centre. Some people borrow computers to get accredited and later move them around,” he said.
He dismissed claims that candidates were posted to towns they did not choose, saying personal data used for registration were drawn directly from the National Identification Number submitted by candidates.
Providing an update on the 2025 UTME, Oloyede said 974,855 candidates had so far been admitted out of about 1.95 million who sat for the examination.
He added that over N2.4 billion had been disbursed to institutions that consistently complied with JAMB’s rules over the past 10 years, and that the meeting agreed that schools producing the best candidates should be compensated.
On accreditation of CBT centres, Oloyede said the process involved teams comprising university vice-chancellors, rectors and provosts in each state.
He warned state governments against agreements with private promoters who might use centres to facilitate malpractice.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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