Three West African countries of Benin, Togo and Niger have collectively failed to pay Nigeria $9.55m for electricity supplied to them in the fourth quarter of 2025.
According to the Nigerian Electricity Regulatory Commission Quarterly Report for the Fourth Quarter of 2025, the market operator issued a total invoice of $20.44m to international bilateral customers in Benin, Togo and Niger for power supplied during the period.
However, the three of them were only able to pay $10.89m of the total invoice, representing a remittance performance of 53.28 per cent.
The report stated, “The three international bilateral customers being supplied by GenCos in the Nigerian electricity supply industry made a payment of $10.89m against the cumulative invoice of $20.44m issued by the MO for services rendered in 2025/Q4, translating to a remittance performance of 53.28 per cent.”
This means that out of every $100 billed to these international customers, only $53.28 was paid, leaving a shortfall of $46.72, which amounts to the $9.55m unpaid debt.
The debtors include power utilities in the three countries — Société Béninoise d’Energie Electrique in the Benin Republic received supplies through Paras and Transcorp (Ughelli and Afam 3).
Compagnie Energie Electrique du Togo in Togo was supplied through Paras and Odukpani, while Société Nigerienne d’Electricite in Niger was supplied through Mainstream.
Out of the six international bilateral contracts, only a few made reasonable payments. For instance, Paras-SBEE in Benin was invoiced $2.45m and paid $1.67m, representing 68.16 per cent. Paras-CEET in Togo was billed $2.18m and paid $1.46m, which is 64.97 per cent. Transcorp-SBEE (Ughelli) in Benin received an invoice of $3.74m but paid only $0.46m, a very low 12.30 per cent.
Transcorp-SBEE (Afam 3) in Benin performed better, paying $3.21m out of $3.90m invoiced, equating to 82.31 per cent. Mainstream-NIGELEC in Niger was invoiced the highest amount of $5.96m and it remitted $4.09m, representing 68.63 per cent. However, Odukpani-CEET in Togo was invoiced $2.18 million but made no remittance at all, recording 0.00 per cent.
The NERC report added that one international customer and one domestic bilateral customer made payments for outstanding invoices from previous quarters. SBEE paid $3.54m to the market operator, while APLE paid N141 m.
“It is noteworthy that one international and one domestic bilateral customer made payments in 2025/Q4 for outstanding MO invoices from previous quarters. The MO received $3.54m from Société Béninoise d’Energie Electrique (Ughelli, $1.86m, and Afam 3, $1.67m) and N141.14m from APLE towards outstanding invoices from previous quarters,” it was stated.
In contrast to the low performance from Nigeria’s neighbours, domestic bilateral customers inside Nigeria showed stronger payment discipline. “The domestic bilateral customers made a cumulative payment of N3.5bn against the invoice of N4.17bn issued to them by the MO for services rendered in 2025/Q4, translating to 84.23 per cent remittance performance,” the report said.
This indicates that local bilateral customers paid 84 kobo for every naira billed to them.
Ajaokuta Steel Company, tagged a special customer, was invoiced N1.26bn by the Market Operator but paid nothing during the period.
The entire remittance data in the report “are based on reconciled market settlement submitted to the commission as of 2 April 2026”.
