Business
Benin Republic, Togo Owe Nigeria $8.84M for Electricity, Payment Defaults Spark Concern
Benin Republic, Togo Owe Nigeria $8.84M for Electricity, Payment Defaults Spark Concern
Nigeria’s power supply to neighboring countries has once again stirred controversy as Benin Republic and Togo have amassed a debt of $8.84 million for electricity consumed in the fourth quarter of 2024, according to a report by the Nigerian Electricity Regulatory Commission (NERC).
The report, which details remittance performance by both domestic and international customers, reveals a troubling trend—Nigeria’s electricity market is facing low payment compliance from its international consumers, raising questions about the financial sustainability of its cross-border power supply.
Nigeria’s Struggle to Recoup Power Debts
According to NERC, the six international bilateral customers supplied by Nigeria’s power-generating companies (Gencos) were billed a total of $14.05 million in Q4 2024. However, they only managed to pay a meager $5.21 million, translating to a remittance performance of just 37.08%—a figure that underscores a persistent issue of payment default by international customers.
Among the top defaulters:
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Paras-SBEE (Benin Republic) was billed $2.65 million but failed to make any payment.
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Paras-CEET (Benin Republic) was invoiced $1.64 million but has not remitted a dime.
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Odukpani-CEET (Togo) owes a staggering $2.37 million.
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Transcorp-SBEE (Ughelli, Benin) paid only $1.71 million out of its $3.59 million invoice.
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Transcorp-SBEE (Afam 3) settled just $0.90 million out of its $1.2 million bill.
The only international customer to fully pay its dues was Mainstream-NIGELEC, which settled its $2.60 million invoice in full—a sharp contrast to other defaulters, particularly Benin Republic and Togo.
Payment Defaults Extend Beyond International Borders
Nigeria’s domestic bilateral customers also showed a lackluster remittance performance, paying just ₦1.25 million out of the ₦1.98 million billed, a 63.36% remittance rate.
Additionally, special customers such as Ajaokuta Steel Co. Ltd and its host community failed to pay a single naira for their ₦1.27 billion (NBET) and ₦0.11 billion (MO) invoices. The NERC highlighted that this non-payment trend has persisted for years, urging the Federal Government of Nigeria (FGN) to intervene.
Is Nigeria’s Electricity Market Being Exploited?
The ongoing payment shortfalls from international customers have sparked debates about whether Nigeria should continue supplying power to countries that fail to meet their financial obligations. Critics argue that while Nigeria faces its own power shortages, it continues to supply electricity to Benin and Togo, who in turn fail to make full payments, thereby straining Nigeria’s electricity sector.
Despite Challenges, Nigeria’s DisCos See Revenue Growth
On the domestic front, Nigeria’s electricity distribution companies (DisCos) recorded a significant revenue generation of ₦509.84 billion in Q4 2024. This represents 77.44% collection efficiency—an improvement from 74.55% in Q3 2024.
While this signals better revenue collection within Nigeria, the lingering issue of international payment defaults remains a thorn in the side of the electricity market.
What’s Next?
With Nigeria’s international electricity consumers repeatedly defaulting on payments, energy sector analysts suggest that NERC must impose stricter payment conditions, reconsider supply agreements, or enforce sanctions against defaulters.
The big question remains: Will Nigeria continue to supply electricity to Benin and Togo despite their growing debts, or will stricter measures be put in place?
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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