The electricity Generation Companies (GenCos) in Nigeria, have refuted the recent claims of “institutionalised extortion” and “phantom subsidy” levelled against them by the Nigeria Labour Congress (NLC).
They view the allegations credited to the NLC President, Comrade Joe Ajaero, as misrepresentation of the facts and disservice to the ongoing efforts to stabilise Nigeria’s electricity supply industry.
In a statement on Wednesday by the Chief Executive Officer of the Association of Power Generation Companies (APGC), Dr Joy Ogaji, the power firms, while acknowledging the frustrations of Nigerians regarding the unstable power supply, firmly rejected the NLC’s characterisation of the sector’s challenges.
The GenCos stated that NLC’s label of their legitimate operations as “robbery” and a “grand deception” was a simplistic and inflammatory narrative that ignores the complex realities of the industry.
They also strongly refuted the insinuation that the proposed government support for the sector was a clandestine plan to “settle the boys” ahead of elections.
“Such a claim is baseless, offensive to the professionals working tirelessly in the sector and undermines the critical liquidity interventions needed to keep the lights on.
“It may be necessary for the NLC and its co-travellers to identify the robbers and those engaged in the deception. But it certainly cannot be the GenCos who are working around the clock to ensure that electricity is generated in spite of the huge challenges associated with the business,” the firms noted.
On NLC’s call for auditors and legal experts to investigate them for requesting their unpaid and accumulated receivables for power/electricity generated and consumed but not paid for, the GenCos said their books are open for any forensic examination.
“Should the NLC and any other institution find it necessary, let it be known that GenCo books are ready for any forensic examination that they can be subjected to.
“It is a fact that GenCos, who are entitled to about 60% of the market receivables following their invoiced energy bills, face the greatest risk in the electricity value chain with an outstanding unpaid invoice of now over six trillion (N6trn) naira.
“GenCos deserve pity and not castigation, ridicule and victimisation. Trying to smear their image with such baseless and unfounded allegations is not only unfair but misleading to the Nigerian populace: giving the impression that the sector is not regulated, and that electricity market participants can do as they pleased on checks,” they said in the statement.
