NBET Initiates N729 Billion Debt Settlement for GenCos

The Nigerian Bulk Electricity Trading Plc (NBET) has begun settling N729 billion in outstanding debts owed to participating electricity Generation Companies (GenCos) and their gas suppliers. This announcement was made by NBET’s Managing Director and Chief Executive Officer, Akin Odeyemi, on October 9, 2026, after the successful issuance of N728.979 billion in Series 2 bonds under the Federal Government’s N4 trillion Power Sector Multi-Instrument Issuance Programme.

The settlement aims to address long-standing debts that have weakened the financial capacity of generation companies and impacted electricity supply. The repayment structure includes N402 billion in cash bonds and N326.979 billion in non-cash bonds.

This initiative is part of the Federal Government's broader strategy, initiated by President Bola Tinubu in July 2025, to resolve a liquidity shortfall in the electricity sector. The government has raised approximately N1.23 trillion through two bond issuances since then, with the first issuance in January 2026 raising about N501 billion.