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Government moves to recover debts from power firms

07 August 2015, 16:05

Abuja - The Federal Government is set to recoup its outstanding money from debtor power distribution companies by calling on their bank guarantees, Punch reports.

Sources at the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Company Plc (NBET)said on Thursday in Abuja that the Federal Government had through the NBET written to the Discos and their various banks notifying them of the intention to call on their respective bank guarantees.

Also read: Power firms on the brink of collapse over debts

The Federal Government had ordered the power distribution firms to remit the outstanding amounts for capacity and energy invoiced against them since February before the close of business on July 24, 2015.

But two weeks after the expiration of the ultimatum, the affected power distribution companies have yet to comply with the directive.

Read more at Punch

- News 24


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