contact_phoneCall us +234 (0) 9073530044

BUSINESS

The Central Bank of Nigeria in recent data has indicated that debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year

todayMay 5, 2022 53

Background
share close

The Central Bank of Nigeria in recent data has indicated that debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago.

It was earlier reported in July 2020 that the core investors in the distribution companies were looking to restructure the loans advanced to them by banks for the acquisition of the power assets.

In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn for the Federal Government, as the Discos and Gencos were sold for $1.7bn and $1.5bn, respectively.

The Federal Government officially privatised the six successor power generation companies and 11 distribution firms that were unbundled from the defunct Power Holding Company of Nigeria.

The acquisitions by the core investors were financed mostly by debts, a significant portion of which was provided by local banks.

Written by: EaglesFM

Rate it

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

About
eaglesfm_logo

Eagles FM Abuja Nigeria provides information, entertainment & empowerment it’s listeners.

 “Your Radio Experience, You Can Count On”

Contact us
Address
download streaming app
0%