Nigeria's electricity generators supplied $20.44 million worth of power to utilities in Benin, Togo, and Niger during the fourth quarter of 2025, yet collected just $10.89 million—leaving $9.55 million unpaid, according to the Nigerian Electricity Regulatory Commission Quarterly Report for Q4 2025.
The three West African neighbours collectively achieved a remittance performance of only 53.28 percent for the period, meaning that for every $100 billed, these international bilateral customers paid just $53.28. The remaining $46.72 per $100 went uncollected.
Contract-by-Contract Payment Gaps
Six bilateral contracts connect Nigerian generation companies to West African distribution utilities, and payment discipline varied sharply across these arrangements.
The Société Béninoise d'Energie Electrique in Benin received supplies through two routes. Paras-SBEE was invoiced $2.45 million and remitted $1.67 million, a 68.16 percent settlement rate. Transcorp-SBEE (Ughelli) presented a stark contrast—billed $3.74 million yet paying only $0.46 million, translating to a mere 12.30 percent. However, Transcorp-SBEE (Afam 3) to Benin performed considerably better, settling $3.21 million of a $3.90 million invoice for an 82.31 percent payment rate.
In Togo, Paras-CEET managed a 64.97 percent settlement, remitting $1.46 million against a $2.18 million bill. The Odukpani-CEET contract presented the most acute default: invoiced $2.18 million but recording zero remittance at 0.00 percent.
Niger's Société Nigerienne d'Electricite, supplied through Mainstream, received the highest individual invoice of $5.96 million and paid $4.09 million—a 68.63 percent settlement rate.
Outstanding Balances and Domestic Comparison
Beyond current-quarter invoices, one international customer and one domestic bilateral customer made payments toward prior-quarter arrears during Q4 2025. Société Béninoise d'Energie Electrique remitted $3.54 million—split as $1.86 million for the Ughelli supply and $1.67 million for Afam 3—toward outstanding market operator invoices. APLE paid N141.14 million against its prior-period balance.
Domestic bilateral customers within Nigeria demonstrated markedly stronger payment discipline. These customers received invoices totaling N4.17 billion and paid N3.5 billion, representing an 84.23 percent remittance performance—significantly outpacing the 53.28 percent achieved by the three international counterparts. One domestic special customer, the Ajaokuta Steel Company, presents its own payment challenge: invoiced N1.26 billion by the market operator yet remitting nothing during the period.
Revenue Implications for Nigerian Generators
The $9.55 million debt accumulated in a single quarter creates a material revenue headwind for Nigerian generation companies that rely on cross-border electricity sales to bolster their cash positions. The pattern also surfaces against the backdrop of ongoing power supply constraints within Nigeria, where domestic consumers and industries face regular load-shedding and unreliable supply.
The settlement figures are based on reconciled market settlement data submitted to NERC as of 2 April 2026.