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“The huge debt level, and, the fact the IPPs are not making profits, is another reason for prospective investors to be deterred,” he said. “Further, collecting revenue from the distribution companies is also becoming a mirage.”. A Dangote Group spokesman declined to comment on the delay to QIPP, or whether the company had pulled out military cufflinks and studs uk online. The payment problems in the Nigerian power sector were thrust into the spotlight in March when four generating companies filed a lawsuit against the government and Azura..

To ensure the generating companies were paid in full throughout 2017 and 2018, the government created a 701 billion naira ($2.3 billion) loan fund at the central bank to guarantee payments. When the fund was established in 2017, Azura wasn’t part of the calculations military cufflinks and studs uk online. But when Azura started producing electricity, the fund was also used to pay the new plant to ensure the terms of loan deals guaranteed by the World Bank were not breached. As a result, the other companies were told they would only receive 80 percent of the sums owed, according to the lawsuit filed in March..

The four energy companies want the fund to reimburse them in full, rather than allocating part of the money to the new plant military cufflinks and studs uk online. Azura declined to comment on payments for power generated. “If the central bank wasn’t paying, the system would collapse,” an official at a multilateral lender said on condition of anonymity. “Qua Iboe IPP would enter a system that is illiquid and insolvent. The liquidity is being provided by the central bank.”. The official said QIPP would need the same partial risk guarantee Azura received to get off the ground, but the handling of payments to Azura by the Nigerian authorities so far meant there was little appetite to offer the same support..

Fola Fagbule, senior vice president and head of advisory at Africa Finance Corporation (AFC) – one of the multilateral lenders that invested in Azura – agreed that the Qua Iboe project would struggle without payment guarantees military cufflinks and studs uk online. “What you have is an insolvent system,” he said. “It is really difficult to make a case for a project on that scale.”. A person with direct knowledge of QIPP who declined to be named said Azura’s experience was damaging international investors’ view of Nigeria, Africa’s most populous nation..

“There has to be some understanding of how the sector is going to be able to afford new electrons coming into the grid,” the person said. “(Those involved) do not want QIPP to build a project that could just end up in a default situation.”. Nigeria’s privatized power sector typically does not use meters to provide invoices, bill collections are low and energy tariffs have remained fixed for three years, meaning customers receive unsustainably cheap electricity. The effect, say industry experts, is that electricity distribution companies recover so little revenue from customers that they pay less than a third of what they owe to generating companies – and that’s why debts have ballooned military cufflinks and studs uk online.