FIPL hails power legacy debt settlement, commits to enhancing sector
The First Independent Power Limited (FIPL) on Wednesday described the implementation of the Presidential Power Sector Financial Reforms Programme (PPSFRP) as an important step towards restoring stability and sustainability in
- By Muyiwa Lucas
The First Independent Power Limited (FIPL) on Wednesday described the implementation of the Presidential Power Sector Financial Reforms Programme (PPSFRP) as an important step towards restoring stability and sustainability in Nigeria's power sector.
The FIPL is one of the 15 generation companies (GenCos) that have signed on to the N3.3 trillion final debt reconciliation legacy debt settlement owed to the GenCos. Recall that the Presidency earlier in the week had informed that 15 Gencos have keyed into the settlement regime, already drawing N2.3 trillion from the final settlement of N3.3 trillion as approved by President Bola Tinubu.
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In a statement signed by the firm’s Chief Executive Officer, Seyi Sobogun, noted that for several years, the sector has operated under significant financial constraints, largely driven by the accumulation of unpaid obligations across the value chain. He noted that addressing these legacy issues is critical to improving overall system performance.
“We confirm our participation in the programme and the execution of the requisite settlement agreements. The progress recorded to date is encouraging and reflects tangible momentum that is beginning to rebuild confidence across the industry. The January 2026 bond issuance, which was 100 per cent subscribed and raised N501 billion, is a particularly strong indicator of market confidence in the programme's trajectory, and we look forward to the outcome of the subsequent planned issuances as the programme advances,” Sobogun said in the statement.
The FIPL therefore pledged its continued commitment to working with all stakeholders to support the successful implementation of the programme and to contribute to a stronger, more reliable power sector for the country.
