Transnational Corporation Plc says it has secured a multi-billion-naira settlement of outstanding debts owed in Nigeria’s power sector. The development relates to payments for electricity generated by its power subsidiaries.
The company said the agreement will improve liquidity within the power sector and support its ongoing operations. It noted that unpaid debts have been a major challenge affecting electricity generation and supply in the country.
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Transcorp also stated that the settlement will enhance its ability to invest in infrastructure and expand generation capacity. The company has consistently raised concerns about the impact of sector debts on performance.
The development is expected to improve confidence among investors and operators in the electricity market.
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