Neighbouring countries of Benin and Niger Republic are currently at the mercy of the Nigerian Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) and risk their steady power supply from Nigeria being cut off any time from now, pending when they will pay outstanding $115.91m (about N35.4bn), being cost of supplied electricity.
Already, a terse memo from both agencies has been sent to NIGELEC of the Republic of Niger and Community Electric du Benin of the Republic of Benin.
Besides, representatives of NBET had informed participants at the recent power sector meeting that a report on international customer payments for electricity had been submitted to the Federal Ministry of Power, Works and Housing.
According to the memo, the outstanding amounts owed by CEB, $101.46m; and NIGELEC, $14.45m was referenced in the minutes of the recent 17th power sector meeting, which was obtained by our correspondent in Abuja.
Also, Business Hilights gathered that NBET and the TCN were planning to attend a meeting at CEB’s headquarters in Lome, Togo, to finalise and execute the power sale agreement currently being negotiated and to prevail on CEB to immediately effect the outstanding payment at the meeting.