Oti Ikomi, the Chief Executive Officer of Proton Energy, has described the Federal Government’s N501 billion power sector bond as a major milestone that could unlock fresh investments and restore confidence in Nigeria’s troubled electricity industry. Speaking on CNBC Africa, Ikomi said the bond issuance under the Presidential Power Sector Debt Reduction Programme (PPSDRP) had addressed a critical bottleneck that had long discouraged investment – the accumulation of legacy debts owed to power generation companies. “For years, GenCos have been burdened by legacy debts arising from inefficiencies in the value chain, subsidies and payment shortfalls,” Ikomi said. The Series 1 issuance comprised N300 billion raised from the capital market and N201 billion in bonds allocated to participating generation companies, reflecting strong investor confidence in the reform agenda. By settling long-standing arrears in a structured and transparent manner, the government expects the programme to stabilise power generation assets, unlock new investment across the electricity value chain and improve electricity supply to millions of Nigerian homes and businesses.