FG has commenced repayment of power sector debts – Transcorp CEO.

The President and Group Chief Executive Officer of Transnational Corporation Plc, Owen Omogiafo, has disclosed that the Federal Government has commenced repayment of longstanding debts owed to power generation companies.

Omogiafo described the move as the most significant progress yet in resolving liquidity challenges in Nigeria’s electricity sector.

Omogiafo disclosed this in an interview with journalists on the sidelines of the company’s 20th Annual General Meeting held in Abuja on Friday.

She stated, “For us in Transcorp Power and Transafam, we have actually signed our settlement reconciliation contracts. For Transafam, they started the payments. And for Transcorp Power, they will start sometime this year.

“So first of all, let me start by commending the Federal Government under President Bola Tinubu. This is the greatest progress we have made as it relates to dealing with the historical debt,” she concluded.