NLC slams GenCos’ N6.6trn debt claim, calls it a heist

THE Nigeria Labour Congress (NLC) has dismissed the N6.6 trillion debt claims by the Association of Power Generation Companies (APGC) as unfounded, describing them as self-serving and misleading.

In a statement signed by NLC President, Mr Joe Ajaero, the union also challenged APGC to disclose the names of the owners of all generation companies (GENCOs).

The union highlighted a glaring contradiction, noting that APGC and their associates must explain why they purchased power assets for roughly N400 billion but were now demanding N6 trillion, even as they admitted that the federal government had not intended to pay more than N3 trillion.

The NLC described the APGC’s claims as an attempt to obscure what it calls “the grotesque mathematics of plunder.” “Imagine selling a property for N400 billion and then being paid N3 trillion because the buyer mismanaged it,” the NLC said. “This is not economics – it is plunder.” The union accused power companies of attempting to channel public funds, including workers’ and pensioners’ money, into the pockets of a few private interests, calling it a “heist disguised as business.”

READ ALSO: Nigeria’s Power Ministry starved as GenCos’ debt hits N6.6trn

According to the NLC, there had long been a cozy relationship between the sellers and buyers of power assets, describing it as an ‘open secret’ that the proposed bailout sought to finalise. The union contended that this was part of a broader pattern of wealth accumulation by a small elite at the expense of over 200 million Nigerians.

The NLC also criticised what it termed the ‘deep incompetence’ of the GENCOs. “Our members are on the ground every day in power plants. We warned that this failure was inevitable, yet those involved were compensated and ignored our warnings,” the union said. NLC leadership, it added, had been actively involved in the sector for decades, with the president serving on the board of the International Energy Agency and pursuing a Ph.D. in Energy Law.

GenCos say debt piling

Chief Executive Officer of the Association of Power Generation Companies (APGC), Dr Joy Ogaji, said on Arise Tv on Wednesday the GenCos’ debt had climbed to N6.6 trillion, stressing the urgent need for substantial settlement.

She recalled that President Bola Tinubu had promised to clear the N4 trillion debt in July 2025 but failed to deliver, appealing to the president to honour that commitment.

“In July last year, the president promised to clear the N4 trillion debt at that time. If the president of the largest black nation in the world promises to clear my debt, I will take it to the bank,” Dr. Ogaji said during Arise News Morning Show on Thursday, recalling the pledge made to the generating companies.

“The president categorically appealed to us that he will approve N4 trillion. His handlers appear to have hijacked the N4 trillion and decided how they want it.,” she said, stressing that the power sector had professionals who could fix the issues in the industry.

“We have seasoned people who can make the power sector work. Aliko Dangote recently suggested setting up a power forum. It is critical and should be chaired by the president. However, it is a committee that should be filled with technocrats.”

Publish list of assets’ beneficiaries, NLC tells GenCos

But the NLC challenged the APGC to publish the full list of beneficial owners of GENCOs and other power assets, insisting Nigerians had a right to know those demanding N6.6 trillion. The NLC also questioned the sector’s actual contribution to power generation, noting that the highest output since privatisation remained between 4,000 and 5,000 megawatts (MW) – no better than pre-privatisation levels.

READ ALSO: NBET to Senate: Only N60m released from N858bn power tariff support fund as electricity market strains deepen

“The privatization promised technical expertise, foreign direct investment, and increased power generation. None of these promises have been fulfilled. Instead, Nigerians have received darkness and debt,” the NLC said. It further condemned tariff increases, accusing GENCOs of enriching themselves while failing to innovate or improve services.

The union called out GENCOs for neglecting workers’ rights, including unpaid check-off dues and dividends owed under the Privatisation Act, and questioned whether they had paid any dividends to the federal government holding roughly 40 percent equity in these companies.

The NLC also highlighted the stark rise in electricity tariffs, which had increased by more than 500 percent despite stagnant generation. “Is it not immoral to extort such fees while demanding N6 trillion from the public?” the union asked. It further pointed out that the reported plan by President Bola Tinubu to generate electricity independently underscored the sector’s paralysis.

“Has the nation not been held hostage by a cartel?” the NLC asked, reiterating its call for transparency and accountability in the power sector.