“Energy Firms Owe Nigerian Banks N3.93trillion” – CBN

The apex bank, in its Quarterly Statistical Bulletin for the Fourth Quarter, 2015, released recently, said the indebtedness represented a decline of 1.36 per cent or N54 billion against N3.985 trillion recorded at the end of November 2015.

A breakdown of the commercial banks’ sectoral credit allocation showed that the downstream, natural gas and crude oil refining segments owed banks up to N2.273 trillion as at year end.

This was slightly higher than the N2.264 trillion recorded in November, while the upstream and oil and gas services sector owed N1.156 trillion against N1.192 trillion month on month.

In the power sector, the banks are owed N340.31 billion by Independent Power Plants (IPPs), and power generation companies, while power transmission and distribution companies owed N162.44 billion against N168.1 billion in the corresponding period.