The Federal Government has begun clearing historical arrears owed to power generation firms, a move hailed by Transnational Corporation Plc’s President and Group CEO, Owen Omogiafo, as a landmark breakthrough for the industry’s liquidity. Speaking during the company’s 20th Annual General Meeting in Abuja this Friday, Omogiafo highlighted that these repayments represent the most substantial effort to date in stabilizing Nigeria’s electricity value chain. She confirmed that Transcorp’s subsidiaries have formalized their reconciliation agreements, with disbursement already underway for one and scheduled for the other later this year.
The CEO expressed optimism regarding the administration’s commitment to resolving the sector’s financial bottlenecks, stating:
“For us in Transcorp Power and Transafam, we have actually signed our settlement reconciliation contracts. For Transafam, they started the payments. And for Transcorp Power, they will start sometime this year,” she said. “So first of all, let me start by commending the Federal Government under President Bola Tinubu. This is the greatest progress we have made as it relates to dealing with the historical debt.”
