Nigeria’s power crisis is in for more shocking waves as 13 power generation companies (GenCos) have sued the federal government for giving “preferential treatment” to two competitors with intent to harm the business interests of the others.
The GenCos, who said they are on the verge of collapse over debts in excess of N1 trillion, currently generate 80% of the power consumed in Nigeria.
However, they said the federal government is giving preferential treatment to Azura Power West Africa Limited and Accugas Limited (Seven Energy) via the partial sovereign guarantee (PSG) with the World Bank in the settlement of liabilities.
Azura and Seven Energy were reportedly unable to settle their December 2017 invoices regarding their foreign loans but the federal government came to their rescue.
