Nigeria, April 10 -- Transcorp Group chairman Tony Elumelu has warned that the country's electricity supply system will collapse if the federal government fails to urgently pay debts owed to power generation companies and accelerate long-delayed sector reforms.

Speaking Wednesday in Abuja at the 19th Annual General Meeting of Transnational Corporation Plc (Transcorp), Mr Elumelu said his company alone is owed over N600 billion - approximately $400 million - for electricity already generated and supplied to the national grid.

"As of date, our federal government owes your company over N600 billion. That is $400 million," Mr Elumelu said to the shareholders. "Much as we, as patriotic Nigerian investors, are committed to supporting the effo...