Power Generation Companies (GenCos) say the successful ₦501 billion bond raised in January 2026 highlights growing investor confidence in the Presidential Power Sector Financial Reforms Programme (PPSFRP). The initiative aims to tackle Nigeria’s ₦3.3 trillion electricity sector debt and strengthen the power sector.
The program addresses long-standing structural challenges including unpaid debts, aging infrastructure, underinvestment, and poor service delivery. Legacy liabilities weakened GenCos and gas suppliers, limiting generation capacity and delaying reliable electricity supply.
The government has reached settlement agreements covering 15 power plants, including Egbin, Geregu, Niger Delta Power, Ibom Power, and First Independent Power.
Seyi Sobogun, MD of First Independent Power Limited, described the bond as a critical step toward sector stability, noting that resolving legacy debts is essential for improving system performance and sustainability.
