The Nigerian Bulk Electricity Trader (NBET) has disclosed that about 10 generating companies (GenCos) have received N12 billion from the N701 billion intervention fund earmarked to sustain steady power generation in the country, Leadership reports.

The head of corporate communications of NBET, Henrietta Ighomroro, said while NBET has commenced disbursements, the 10 GenCos had already been paid for power generation supplied to the agency of government in January 2017. Ighomroro said the payment for the 10 GenCos was gulping an estimated N12 billion, adding that the other GenCos were yet to receive their payment as they are yet to comply with the requisite documentations that will enable their eligibility.

Speaking on the preconditions for the GenCos to qualify for the Payment assurance, the NBET spokesperson said, “It is only meant for GenCos that have the contractual pact known as Power Purchase Agreement (PPA) with NBET.”  She listed the GenCos paid for January to include Kainji, Jebba, Shiroro, Geregu, Olorunshogo, Omotosho, Shell Afam, Opai Agip, Omoku. She said that of Transcorp was in progress, while expressing the hope that “others would meet up and be paid even before this week runs out.”