Benin Republic and Togo owe Nigeria $8.84m for the electricity consumed in the fourth quarter of 2024, The PUNCH reports.
The Nigerian Electricity Regulatory Commission revealed this in a report highlighting the remittances made by bilateral customers (domestic and international) and special customers for invoices issued in 2024/Q4 by the Market Operator.
According to the report, the six international bilateral customers being supplied by Gencos in the Nigerian electricity supply industry “made a payment of $5.21m against the cumulative invoice of $14.05m issued by the Market Operator for services rendered in 2024/Q4,” translating to a remittance performance of 37.08 per cent.
The international companies are Paras-SBEE in Benin Republic ($2.65m); Paras-CEET also in Benin ($1.64m); Transcorp-SBEE (Ughelli) in Benin paid $1.71m out of $3.59m; Transcorp-SBEE (Afam 3) paid $0.90m out of its $1.2m invoice; Odukpani-CEET in Togo owes $2.37m.
The report showed that only Mainstream-NIGELEC paid off the entire $2.60m invoice issued to the company by the market operator.
NERC added that the domestic bilateral customers made a cumulative payment of N1.25m against the invoice of N1.98m issued to them by the market operator for services rendered in the last quarter of 2024, translating to 63.36 per cent remittance performance.
“It is noteworthy that some bilateral customers (both domestic and international customers) made payments during 2024/Q4 for outstanding MO invoices from previous quarters. Paras-CEET, Pars-SBEE and Transcorp-SBEE made payments of $0.98m $0.7m, and $1.3m respectively, towards outstanding invoices from previous quarters.
“Similarly, the MO received N135.81m from the domestic bilateral customers [NDPHC-Weewood: N21.17m; North South/Star Pipe: N11m; Taopex: N83m; and Trans-Amadi (OAU/FMPI): N20.74m towards outstanding invoices from previous quarters.
The regulator reports that the special customer, Ajaokuta Steel Co. Ltd, and the host community did not make any payment towards the N1.27bn (NBET) and ₦0.11bn (MO) invoices received in 2024/Q4.
“This continues a longstanding trend of non-payment by this customer, and the commission has communicated the need for intervention on this issue to the relevant FGN authorities.
The NERC also stated in the document that electricity distribution companies in Nigeria generated N509.84bn in the last three months of 2024. It said this represents 77.44 per cent of the N658.40bn that was billed to customers within the fourth quarter of last year.
“The total revenue collected by all DisCos in 2024/Q4 was N509.84bn out of the N658.40bn that was billed to customers. This translates to a collection efficiency of 77.44 per cent. In comparison, the total revenue collected by all DisCos in 2024/Q3 was N466.69bn out of the N626.02bn billed to customers, which translated to a 74.55 per cent collection efficiency.
“The 77.44 per cent collection efficiency recorded in 2024/Q4 is +2.89pp higher than the collection efficiency recorded in 2024/Q3,” the NERC said.
