By Seun Ibiyemi
The Association of Power Generation Companies has dismissed reports claiming that ₦2.8 trillion has been verified as the final settlement of legacy debts owed to electricity generation companies, describing the figure as misleading and unfounded.
In a statement released on Monday in Abuja titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation,” the association said the amount being circulated did not result from any formally concluded reconciliation process.
The Chief Executive Officer of the association, Joy Ogaji, challenged those behind the claim to publicly disclose how the ₦2.8 trillion figure was arrived at.
“We categorically reject recent media reports suggesting that ₦2.8tn represents a newly verified and final settlement of GenCos’ legacy debts. The report is completely inaccurate. It is fake news,” Ogaji stated.
She emphasised that no agreement had been reached confirming the reported sum as a final and binding settlement between the power generation companies and relevant government authorities.
While acknowledging that discussions on debt reconciliation may be ongoing, the association warned that portraying the ₦2.8 trillion as a concluded figure could mislead stakeholders and distort the true state of negotiations within the power sector.
APGC urged the public and industry players to disregard the reports, assuring that any verified outcome would be communicated through official and transparent channels.
