By Olakunle Oke
The implementation of the Presidential Power Sector Financial Reforms Programme has received strong backing from industry stakeholders, who describe it as a critical step toward restoring stability and sustainability in Nigeria’s power sector.
The Managing Director of First Independent Power Limited, Seyi Sobogun, said electricity generation companies (GenCos) welcomed the progress made so far, noting that the initiative is helping to address long-standing financial challenges that have plagued the sector.
He confirmed their active participation in the programme, including the execution of the necessary settlement agreements, adding that early results have been encouraging and are signalling renewed confidence among investors and operators.
According to him, the January 2026 bond issuance was fully subscribed, raising ₦501 billion an indication of strong market confidence in the reform programme and its long-term prospects.
Sobogun also expressed optimism about future issuances and the continued advancement of the initiative, emphasizing the company’s commitment to collaborating with stakeholders to ensure its successful implementation.
He said: “We welcome the update on the implementation of the Presidential Power Sector Financial Reforms Programme as an important step toward restoring stability and sustainability in Nigeria’s power sector.
“For several years, the sector has operated under significant financial constraints, largely driven by the accumulation of unpaid obligations across the value chain. Addressing these legacy issues is critical to improving overall system performance.
“We confirm our participation in the programme and the execution of the requisite settlement agreements. The progress recorded to date is encouraging and reflects tangible momentum that is beginning to rebuild confidence across the industry.
“The January 2026 bond issuance, which was 100 per cent subscribed and raised ₦501 billion, is a particularly strong indicator of market confidence in the programme’s trajectory. We look forward to the outcome of subsequent planned issuances as the programme advances.
“We remain committed to working with all stakeholders to support the successful implementation of the programme and to contribute to a stronger, more reliable power sector for Nigeria.”
