APGC Rejects N2.8 Trillion Debt Report as Fake News

APGC dismisses reports claiming N2.8 trillion is a verified settlement of GenCos' legacy debts, calling the assertion inaccurate and misleading. The association's CEO, Joy Ogaji, stated the figure did not emerge from any official reconciliation process and challenged unnamed Presidency sources to disclose their audit methodology. APGC maintains the N4 trillion approved in July 2025 following tripartite reconciliation remains the verified liability. The CEO warned that revising figures outside established frameworks undermines market confidence and contractual sanctity. GenCos emphasize their obligations are contractual, determined through metered megawatt generation and documented invoices under bilateral agreements. No additional reconciliation meetings have occurred since March 2025. The N2.8 trillion claim contradicts the N4 trillion settlement already approved by President Tinubu.

SOURCE: https://nairametrics.com/2026/02/24/gencos-dispute-n2-8trn-debt-settlement-approved-by-presidency/