Benin Republic and Togo owe Nigeria $8.84 million for electricity consumed in the fourth quarter of 2024, according to the Nigerian Electricity Regulatory Commission (NERC).
The NERC disclosed this information in its 2024 quarter four report.
The report states that six international bilateral customers, supplied by Generating Companies (Gencos) in the Nigerian electricity supply industry, made a payment of $5.21 million against a cumulative invoice of $14.05 million.
This translates to a remittance performance of 37.08 percent.
The international companies owing payments are:
– Paras-SBEE (Benin Republic): $2.65 million
– Paras-CEET (Benin Republic): $1.64 million
– Transcorp-SBEE (Ughelli, Benin Republic): $1.71 million (out of $3.59 million)
– Transcorp-SBEE (Afam 3): $0.90 million (out of $1.2 million)
– Odukpani-CEET (Togo): $2.37 million
NERC’s report showed that only Mainstream-NIGELEC cleared its entire $2.60 million invoice.
Domestic bilateral customers made a cumulative payment of N1.25 million against an invoice of N1.98 million, achieving a 63.36 percent remittance performance.
“It is noteworthy that some bilateral customers (both domestic and international customers) made payments during 2024/Q4 for outstanding MO invoices from previous quarters.
“Paras-CEET, Pars-SBEE and Transcorp-SBEE made payments of $0.98m, $0.7m, and $1.3m, respectively, towards outstanding invoices from previous quarters.
“Similarly, the MO received N135.81 million from the domestic bilateral customers [NDPHC-Weewood: N21.17 million; North South/Star Pipe: N11 million; Taopex: N83 million; and Trans-Amadi (OAU/FMPI): N20.74 million] towards outstanding invoices from previous quarters,” it disclosed.
The special customer, Ajaokuta Steel Co. Ltd., and the host community did not make any payments toward their N1.27 billion and N0.11 billion invoices received in 2024/Q4.
In addition, the NERC reported that electricity distribution companies in Nigeria generated N509.84 billion in the last three months of 2024, representing 77.44 percent of the N658.40 billion billed to customers during that period.
“The 77.44 percent collection efficiency recorded in 2024/Q4 is +2.89 pp higher than the collection efficiency recorded in 2024/Q3,” the NERC said.