Manitoba Hydro Finally Settles For Payments In Naira

After months of insisting that its outstanding invoices would have to be paid in U.S. Dollars, Manitoba Hydro International Nigeria Limited (MHINL) which is contracted to manage the electricity Transmission Company of Nigeria (TCN), has agreed to collect payments in Naira. The firm’s acceptance of the Naira payment is contained in a letter signed by MHINL’s […]

After months of insisting that its outstanding invoices would have to be paid in U.S. Dollars, Manitoba Hydro International Nigeria Limited (MHINL) which is contracted to manage the electricity Transmission Company of Nigeria (TCN), has agreed to collect payments in Naira.
The firm’s acceptance of the Naira payment is contained in a letter signed by MHINL’s Director, Cassandra Siemens, and addressed to the Managing Director of System Operations/Market Operations (MO) of TCN.
The development signified a twist to months of disagreement that stalled the payments as the MO refused to pay the invoices in dollars as requested by MHINL. MHINL’s position that a naira payment was only a “onetime exception,’’ however only confirms that the firm was still sticking to its desire for dollar payments in future.