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Nairaland Forum / Nairaland / General / Politics / On The Verge Of Collapse, 13 Gencos Drag FG To Court (13080 Views)
Gas Shortage: Blackout Looms Nationwide As Gencos Cut Generation / Niger Bridge At Risk Of Collapse, Igbo Group Cries Out / Customers Now To Buy Electricity Direct From Gencos - FG (2) (3) (4)
On The Verge Of Collapse, 13 Gencos Drag FG To Court by dre11(m): 7:50am On Mar 07, 2018 |
By Sodiq Yusuff, https://www.thecable.ng/verge-collapse-13-gencos-drag-fg-court |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by Paperwhite(m): 7:57am On Mar 07, 2018 |
Even nepotism in the power sector ![]() 10 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by NaijaMutant(f): 7:58am On Mar 07, 2018 |
Buhari and his goons are running Nigeria aground ![]() Fashola's incompetency now lays bare for all Nigerians to see. It's quite easy to be an arm chair critic. Mr rocket science ![]() 24 Likes 1 Share |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by GavelSlam: 8:15am On Mar 07, 2018 |
Why didn't they join the World Bank in the suit? 3 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by FarahAideed: 8:20am On Mar 07, 2018 |
But they are already collapsed as far as I am concerned because they hardly even deleiver electricity but would rather concentrate on the sustained sale if darkness through their estimated billing hiest . 6 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by usba: 8:41am On Mar 07, 2018 |
Government should just collect it's property back. before it was government workers dubiously cheating us now private sector is reaping us off and ensnaring us with loans. Another scam packaged and produced by the GEJ administration with special effects from Adoke 12 Likes 1 Share |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 8:58am On Mar 07, 2018 |
dre11:the case is to be handled by justice nyako haaaa! 3 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 9:02am On Mar 07, 2018 |
The GenCos, who said they are on the verge of collapse over debts in excess of N1 trillion, currently generate 80% of the power consumed in Nigeria. However, they said the federal government is giving preferential treatment to Azura Power West Africa Limited and Accugas Limited (Seven Energy) via the partial sovereign guarantee (PSG) with the World Bank in the settlement of liabilities. TheCable recently reported that Azura and Seven Energy were unable to settle their December 2017 invoices regarding their foreign loans but the federal government came to their rescue 2 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by doctokwus: 9:17am On Mar 07, 2018 |
The privatization of power generation and distribution in the past dispensation was one of the biggest scams in the history of Nigeria,probably second only to that of the oil industry. Power generation and distribution were handed over to political and government affiliated persons with neither the financial wherewithal,the knowledge,capacity nor experience to run even a 1kw capacity generator. This government,itself lacking capacity,full of incompetent and nepotic individuals,built and sustained on the same foundation of crass corruption has just taken it to the next stage by narrowing down the corrupt,incompetent breed to just the most connected and probably most corrupt of the individuals running the Gencos. 16 Likes 1 Share |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:04am On Mar 07, 2018 |
On February 12, 2018, government reportedly concluded steps to immediately pay Azura and Accugas for their first invoices totalling $8,140,000 from the N701 billion facility meant for all the GenCos. In all, the government will pay Azura and Accugas a total of $373,492,398 from the N701 billion facility. 1 Like |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:09am On Mar 07, 2018 |
the dollar loan component is 133 billion straight from govt leaving us with 568 billion unmet |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by 400billionman: 10:12am On Mar 07, 2018 |
In 2015 under Jonathan I was used to enjoying 12 hours of power supply everyday, but today under Buhari I don't see up to one hour of uninterrupted power supply. whenever they supply power, it is either half or quarter current and it shows up once or twice a week, I guess that is the meaning of CHANGE 14 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:22am On Mar 07, 2018 |
They made the following demands in the letter: • Confirmation of a plan for 100% payment of all outstanding indebtedness and interests due to the GenCos for electricity supplied and ancillary services provided by them. • 100% payment (not 80% payment) of all invoices to be submitted by GenCos under the payment assurance programme. • Payment of all sums due as capacity charge to the GenCos from 2013 till date. •Non-admission of any additional beneficiary into the ₦701BN assurance facility without corresponding increase in the facility amount. •Payment of the balance of ₦213BN from CBN Electricity Market Stabilization Fund Removal of all administrative bottlenecks delaying drawdown of payment assurance funds. • Provision of sovereign guarantee and/or partial risk guarantee for all payment obligations to GenCos. 2 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:25am On Mar 07, 2018 |
basically we got beef issues in terms of administration of the genco accounts 1 Like |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:40am On Mar 07, 2018 |
In August 2014, a federal government circular No. SGF/OP/1/S3/X/737 issued by[b] Anyim Pius Anyim,[/b] then secretary to the government of the federation, had directed that a “specimen indemnity clause” be inserted into all contracts and agreements entered into by FGN with foreign entities. This, he said, was “to provide additional protection to the Federal Government Nigeria and some of its separate legal entities such as the CBN, NNPC and NSIA whose assets may be liable to attachment in enforcement proceedings in foreign jurisdictions”. Ngozi Okonjo-Iweala, then minister of finance, had sought the legal opinion of Mohammed Bello Adoke, then attorney-general of the federation (AGF), on the put-call option agreement (PCOA) signed with Azura Power — which included the PRG. Adoke, TheCable learnt, reminded the minister of the SGF circular on the need to indemnify the federal government and prevent its assets from becoming vulnerable in the event of default. The PCOA was eventually signed without Adoke’s legal opinion which was necessary to activate the agreement. However, TheCable understands that when President Muhammadu Buhari assumed office in 2015, pressure was mounted on Abdullahi Yola, the then solicitor-general of the federation, by top presidency officials to give a favourable legal opinion. Seven Energy is the leading integrated gas company in south-east Nigeria At the time there was no attorney-general. Yola then wrote a different legal opinion early August 2015, finally confirming the validity of the PCOA. Thereafter, also in August 2015, the federal government signed off its backing of a $237 million World Bank PRG for the construction of the 450 megawatts Azura-Edo Independent Power Plant (IPP) — celebrated as the first of a series of new IPPs to drive growth in the power sector. The Azura-Edo IPP is the Phase 1 of a 1,500mw IPP facility, whose groundbreaking was performed by then President Goodluck Jonathan in October 2014. The lenders include JP Morgan, Standard Chartered Bank, Rand Merchant Bank, Standard Bank and Siemens Bank. In November 2016, the federal government also signed a $112 million World Bank PRG for the supply of natural gas to the 560mw National Integrated Power Project (NIPP) in Calabar, Cross River state, by Seven Energy. The PRG was to secure the supply of up to 130 million cubic feet per day of natural gas to Calabar and enable the regular generation of an additional 560mw to the national grid. |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by baralatie(m): 10:48am On Mar 07, 2018 |
![]() so basically Pmb through Mr fashola went to the world bank to collect $350 million to build a power plant and to supply the same power plants with gas from Nigeria on an IPP project from the previous administration 9 Likes 1 Share |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by dre11(m): 4:22pm On Mar 07, 2018 |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by AngelicBeing: 5:21pm On Mar 07, 2018 |
![]() ![]() 2 Likes
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Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by nairavsdollars(f): 5:24pm On Mar 07, 2018 |
j |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by bedspread: 5:26pm On Mar 07, 2018 |
CHAI A FUTHER 1 YEAR WITH Buhari is DANGEROUS to the Life of this Nation 2 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by Lanre4uonly(m): 5:28pm On Mar 07, 2018 |
This is serious. What a country! 2 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by aragonchuks(m): 5:28pm On Mar 07, 2018 |
So you want me to read all this abi? 1 Like
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Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by awa(m): 5:28pm On Mar 07, 2018 |
Buhari is working and wants second tenure 1 Like |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by meant4all: 5:28pm On Mar 07, 2018 |
Its good to settle the matter amicably. In other news, become an importer with little amount of money. Join our next importation training where you will be shown all that you need to know on how to import goods to Nigeria & sell very fast. Call/Whatsapp 0 8 1 3 7 7 5 0 7 4 1 |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by ozoebuka1(m): 5:29pm On Mar 07, 2018 |
These are some of the things/agencies I will never waste my time reading a long epistle about them: 1. Buhari 2. Police 3. Nepa/phcn 4. Apc It's not because I have any personal beef with them or something, it's just because they have directly or indirectly been the cause of Nigeria's deteriorating image. 4 Likes
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Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by Sagay212: 5:29pm On Mar 07, 2018 |
BUHARI AND FAILURE 5 Likes 1 Share
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Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by alsudaes1(m): 5:29pm On Mar 07, 2018 |
AngelicBeing:The gencos are having issues with debt and agreement with FG The discos are maintaining estimated billing without fear They will continue to rip us of our money 1 Like |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by gurunlocker: 5:29pm On Mar 07, 2018 |
usba: Illiterate zombie who didn't bother reading the article before writing rubbish as usual... 5 Likes 1 Share |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by Nobody: 5:31pm On Mar 07, 2018 |
hahahahah, the whole system is a mess. lets give china 2 oil blocks let dem manage our power. it is crystal clear we cant manage it ourselves |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by AngelicBeing: 5:32pm On Mar 07, 2018 |
alsudaes1:Exactly, and the useless federal government is clueless on the best way to get around the issue, the masses are suffering from the useless policies of the government 2 Likes |
Re: On The Verge Of Collapse, 13 Gencos Drag FG To Court by usba: 5:35pm On Mar 07, 2018 |
[s] gurunlocker:[/s] Words that describes your family's existence 1 Like |
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