General
GenCos, NLC Trade Words Over N6.5trn Power Debt
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) and the Association of Power Generation Companies (APGC), an umbrella body for power generation companies (GenCos), have traded words over the N6.5 trillion in power debt.
The labour union attacked the association over the payment of the N6 trillion as well as a proposed N3 trillion federal bailout, describing the move as a “heist” and an attempt to loot public funds.
The NLC accused the power firms of attempting to transfer the burden of their operational failures to Nigerians, insisting that electricity consumers and taxpayers must not be made to pay for what it called the “collapse of a flawed privatisation model.”
In a rebuttal, the APGC has warned the NLC to stop victimising the GenCos and refuted the allegation that the power sector has “institutionalised extortion.”
The chief executive of APGC, Mrs Joy Ogaji, said the group firmly rejects the NLC’s characterisation of the sector’s challenges, adding that labelling the legitimate operations of power firms as “robbery” and a “grand deception” is a simplistic and inflammatory narrative that ignores the complex realities of the industry.
“We view these allegations, which include claims of “institutionalised extortion” and a phantom subsidy, as a misrepresentation of the facts and a disservice to the ongoing efforts to stabilise Nigeria’s electricity supply industry,” said Mrs Ogaji.
The association also strongly refutes the insinuation that the proposed government support for the sector is a clandestine plan to “settle the boys” ahead of elections.
In a statement reacting to the recent press release by the APGC, the NLC rejected allegations that it lacked the competence to speak on power sector matters, maintaining that its members work within the industry and understand its dynamics.
“We categorically reject their self-serving narrative and misleading characterisation of our position. First, the NLC stands firmly by every word of its earlier statement. The privatisation of the power sector was, and remains, a grand deception that has shortchanged the Nigerian people. The APGC’s claims of “victimisation” cannot conceal the persistent failure that has defined the sector since privatisation.
“The core issue is simple and troubling. The entire power sector assets were reportedly sold for approximately N400 billion. Yet today, GENCOs are demanding N6 trillion, while the Federal Government is said to be considering a N3 trillion bailout for companies that have not demonstrably increased generation capacity beyond pre-privatisation levels.
“This contradiction raises fundamental questions. How can assets purchased for N400 billion become the basis for a bailout running into trillions of naira? It is neither sound economics nor responsible governance to socialise losses while privatising profits. Public funds belonging to workers, pensioners, and ordinary Nigerians must not be diverted to rescue private investors from the consequences of their own operational shortcomings. We challenge the APGC to address this contradiction transparently.”
“The NLC is not a bystander in the power sector. Our members work in generation plants across the country. Our affiliate, the National Union of Electricity Employees (NUEE), operates daily within the system. The NLC played a leading role in the national debate around privatisation and consistently warned that, without proper safeguards and capacity, the exercise would fail. Those warnings appear increasingly justified.
“Regarding our reference to “settling the boys,” our position remains clear: public funds must not be used to enrich a select few under the guise of policy intervention. Nigerians deserve transparency and accountability, not opaque financial arrangements.
“In the interest of openness, we call on the APGC to publish a comprehensive list of the beneficial owners of all GENCOs and associated power assets. Nigerians have a right to know who stands to benefit from this N6 trillion demand,” parts of the statement said.
It also criticised Nigeria’s power sector privatisation for failing to significantly improve electricity generation or service delivery despite rising tariffs, questioned the lack of measurable returns and dividends to the government, raised concerns over labour rights violations, and firmly rejected the proposed N6 trillion bailout as unjustified and contrary to public interest.
Business Post reports that the federal government disclosed plans in December to raise N1.23 trillion by the first quarter (Q1) of 2026 to settle verified arrears owed to generation companies and gas suppliers. On January 27, the government said it had successfully issued a N501 billion inaugural bond under the presidential power sector debt reduction programme (PPSDRP).
However, the APGC has said that this is inadequate, comparing the debt to “garri soaked in water.”
By Aduragbemi Omiyale
The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.
This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.
The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.
It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.
Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.
Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.
A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.
Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.
The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.
He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.
“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.
“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.
By Modupe Gbadeyanka
In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.
This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.
The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.
This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.
The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.
This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication
“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.
“This significant expansion of our residential estate is a tangible expression of that commitment.
“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.
Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.
By Aduragbemi Omiyale
On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.
The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.
In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.
Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.
NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.
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