Breaking: Genco threatens FG over N8.5bn ‘debit’, N5bn ‘debt’ dispute

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A silent war has broken out between the Federal Government of Nigeria and one of the generation companies over a dispute arising from the method used in calculating the payment, which the government made in respect of power generation by his two firms-Omotosho and Orogunsoso in 13 months.

 

Dr. Deji Adeleke, a major player in the nation’s power sector and promoter of two power plants under the name of Sepco Pacific Energy Company Limited, is demanding the sum of N5 billion, which he claims the federal government owes his firm through the Nigerian Bulk Electricity Trading Company Plc, NBET, and another N8.2 billion, which he says was wrongly debited by the government from his company’s account.

 

He has already written to NBET, the Federal Government’s Market Operator in the Nigerian Electricity Industry, and warned the government to either pay him the funds or be ready to face a legal challenge at the London Court of International Arbitration.

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