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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 Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING
The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.
In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.
According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.
It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.
The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.
It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.
The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.
The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.
While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.
The government recently hinted that the stool controversy would soon be resolved.
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Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING
PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.
In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.
Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.
He described the comment as an inconsequential rant that should be ignored by the public.
Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.
He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.
“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.
“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”
He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.
Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.
The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.
“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.
“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”
The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.
“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.
“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded
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The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING
DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.
El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.
His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.
Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.
According to her, “that is not justice. That is not accountability. That begins to look like persecution.
“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.
“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.
“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.
Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.
“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.
“All these things currently going on don’t look tidy to me”, he said.
On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.
In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.
He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.
“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!
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