APGC: GenCos deserve sympathy, not criticism, over N6 trillion debt

By Obas Esiedesa, Abuja

The Association of Power Generation Companies (APGC) has urged stakeholders, including the Nigeria Labour Congress (NLC), to show understanding toward power generation companies (GenCos) over the N6 trillion in unpaid electricity invoices, describing them as victims rather than culprits.

In a statement signed Tuesday by APGC Chief Executive Officer, Joy Ogaji, the association rejected recent claims by NLC President Joe Ajaero that the sector is riddled with “institutionalised extortion” and phantom subsidies, calling such allegations misleading and inflammatory.

“To label the legitimate operations of power firms as robbery and a grand deception is a simplistic narrative that ignores the complex realities of the industry,” the statement said.

APGC emphasized that GenCos face severe liquidity challenges, with unpaid invoices exceeding N6 trillion, and that continued support is essential for sustaining electricity generation. The group also dismissed insinuations that government interventions in the sector are politically motivated.

The association reiterated that GenCos are open to scrutiny, noting, “Should the NLC or any other institution find it necessary, let it be known that GenCo books are ready for any forensic examination.”

APGC stressed that generation companies receive about 60 per cent of market receivables based on invoiced energy bills and are under significant operational strain due to the outstanding debts, which threaten plant maintenance, loan servicing, and contractual obligations.

“GenCos deserve pity and not castigation, ridicule, or victimisation. Smearing their image with baseless allegations is unfair and misleading to the Nigerian populace,” the association said, warning that portraying the sector as unregulated undermines confidence in the electricity market framework.

The post APGC: GenCos deserve sympathy, not criticism, over N6 trillion debt appeared first on Vanguard News.