Electricity: FG yet to release N701bn gas supply guarantee fund 5months after

The much famed N701.9 billion Payment Assurance Fund (PAF) meant to provide more liquidity for Generation Companies (GenCos) to pay for gas and increase electricity supply, has not been released five months after it was announced, Daily Trust reports. The Minister of Power, Works and Housing, Mr Babatunde Fashola, while berating the 11 Distribution Companies […]

GenCos ask FG to increase electricity tariff

Power generation companies (GenCos) in the country are calling for an increase in electricity tariff due to “high business costs”. Ismaila Funtua, vice chairman, Mainstream Energy Solution, made this known on Tuesday while speaking with journalists on the sidelines of the quarterly presidential business meeting held in Abuja. He said the GenCos were asking the government […]

GENCOs, DISCOs, TCN heighten blame game over poor electricity supply

Players in the  electricity sub-sector, generation companies, GENCOs, distribution companies, DISCOs and Transmission Company of Nigeria, TCN, have continued to trade blames over the worsening electricity supply situation in the country. In the latest blame game, the GENCOs said the DISCOs are unserious on their mandate, while also accusing TCN of inability to transmit electricity […]

CBN Lists Sanctions Against Banks Over Power Intervention Fund

CBN Lists Sanctions Against Banks Over Power Intervention Fund As Nigerians continued to grapple with incessant power-outage, the Central Bank of Nigeria (CBN) has spelt out sanctions to Deposit Money Banks participating in the disbursement of the N213bn Nigeria Electricity Market Stabilisation Facility, otherwise called power sector intervention fund. The sanctions were contained in a […]