Senate Committee on Privatisation has pledged to address the N1.6 trillion debt owed to Egbin Power Plc, one of Nigeria’s largest power generation companies.

Speaking during a visit to the power plant, yesterday, the committee commended the management for demonstrating resilience amidst operational challenges.  The Vice Chairman, Senate Committee on Privatisation and Commercialisation, Emmanuel Udende, acknowledged the significant financial burden on Egbin Power and said the issue would be thoroughly examined once a comprehensive report was submitted.

He stressed that the committee would assess the debt situation with Nigerian Bulk Electricity Trading Plc (NBET) and the Bureau of Public Enterprises (BPE) and consider steps to ease the burden.

The assurance came following Egbin Power’s concern about its operations being under financial strain. The committee’s visit was part of efforts to assess the performance of privatised assets and identify ways to strengthen their operations.

“I’m quite impressed with what they have done. They are owed a very huge sum of money, N1.6 trillion. It’s quite huge and they’re still operating. I like their spirit. I’m quite impressed that this debt is being owed, and yet they are operating. I wonder how? Once we get the full report, we will look at what we can do to ameliorate that situation,” he said.

Chief Executive Officer, Egbin Power, Mokhtar Bounour, stated that the company required support while reaffirming its commitment to grid stability and contributing to the growth of the economy.

Director, Egbin Power, Kola Adesina, stressed the importance of a collaborative, community-based dialogue to address the frequent grid collapses.  He emphasised that community-based dialogue was crucial, as the grid collapses are largely caused by vandalism.