Ibom Power Says Debt and Gas Shortage Kept 191MW Plant Largely Idle
Amina Garba
Ibom Power Company says a prolonged gas shortage and unpaid legacy obligations left its 191-megawatt plant largely idle over the past year.
The company told journalists in Uyo that it received gas for about 30 days in the previous 12 months, forcing repeated shutdowns and leaving the plant idle for almost 11 months.
Managing Director Camillus Umoh said the Federal Government still owed the company about ₦15.7 billion from a ₦28 billion legacy debt accumulated since 2015, according to Vanguard.
Umoh said gas supplier Accugas had moved to a pay-before-supply arrangement after the company’s unpaid invoices mounted. He said gas deliveries stopped in June and the company could not sustain routine maintenance or fuel purchases.
Source: Vanguard
Written by
Amina Garba
Financial reporter covering CBN policy, oil and gas, government budgets, and macroeconomic trends. Business Writer at NaijaTrend.
You May Also Like
Business
NCC Begins Registration Of SIM-Enabled Devices, Targets Illegal Imports
The Nigerian Communications Commission has begun registering and authenticating SIM-enabled devices as it moves to tight…
Business
NUPRC Threatens Revocation Of Idle Flare Gas Permits
The Nigerian Upstream Petroleum Regulatory Commission has warned that companies sitting on flare gas commercialisation p…
Business
Reps Begin Probe Into N432bn Oil Revenue Debt
The House Public Accounts Committee is investigating debts owed to NMDPRA by NNPCL and oil marketers after audit finding…
Business
Appeal Court Upholds Ex-NEXIM Bank MD Roberts Orya’s Fraud Conviction
The Court of Appeal in Abuja has upheld the fraud conviction of Roberts Orya, a former managing director of the Nigerian…