Electricity firm, Azura pays FG 40% of $30m monthly invoice

Electricity firm, Azura pays FG 40% of $30m monthly invoice

The Managing Director of Azura-Edo Power Plant, Mr. Edu Okeke, has said that 40 percent of the company’s monthly invoice of about $30 million to the Nigerian Bulk Electricity Trading Plc, NBET, is paid to the Federal Government as payment for gas supply and repayment of loans taken for the construction of the plant.

Okeke told journalists at the plant that the company pays $10 million monthly to gas suppliers including Seplat Petroleum, Nigerian Petroleum Development Company, NPDC, and the Nigerian Gas Company, subsidiaries of NNPC Limited.

He disclosed that the company also pays the Bank of Industry, BoI, for the loan collected from the Central Bank of Nigeria, CBN, to build the plant.

He explained: “Every power plant invoice is made up of two parts, capacity and energy produced. Capacity is what you can put on the grid but only those companies with effective PPAs (power purchase agreement) get paid for capacity. We have five of these in the country: Azura, Omotosho, Olorunsogo, Okpai and Afam