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APGC urges settlement of debts owed GENCOs

T

he Association of Power Generation Companies (APGC) has called for the settlement of debts owned power generation companies to enable it address the issue of liquidity.

 

The outgoing Chairman, Board of Trustees of the association, Mr. Emmanuel Nnorom, stated this at the association’s 3rd Annual General Meeting.

 

This is just as the association announced the appointment of Mr. Omatseyin Akene Ayida as the Chairman, Board of Trustees, following the retirement of. Nnorom from the Board, having completed his four years tenure in line with the association’s governance charter.

 

Nnorom who represented Transcorp Power Limited on the Board of Trustees also stepped down as a member of the Board and has been replaced by the President/CEO of Transnational Corporation of Nigeria Plc (Transcorp), Mrs. Owen Omogiafo.

 

 

In his remarks, Nnorom thanked the Association for the confidence reposed on him as Chairman Board of trustees and commented on the current state of the power sector noting the issue of liquidity arising from the debts owed GENCOs for power already generated, transmitted and consumed by Nigerians.

 

 

He said: “As an association, there are immediate challenges we must tackle. For instance, we appreciate the recent improvement in payment by NBET of money owed us and ask that such improvement remains consistent while other outstanding legacy debt equally owed our members be paid to enable them meet funding obligations critical to their ability to stay operational”. During his tenure, he was instrumental in promoting the Association’s mandate of driving synergy and commercial viability within Nigeria’s power sector.

 

 

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