The Federal Government to retrieve ten electricity distribution companies as option salvage to the nation’s besieged electricity industry.
This is coming ahead of the planned final performance review of the firms that bought into the distribution companies carved out from the defunct Power Holding Company of Nigeria.
Document shows that the Federal Government would require up to two point four billion dollars, equivalent to seven hundred and thirty six billion naira reclaiming the privatised distribution assets from the core investors if it finally takes the decision.
Giving clue that it could recover the assets from the core investors, the Ministry of Power, Works and Housing in a document described the co-owners of the distribution companies as ‘failed investors.’
The distribution and generation companies carved out of the defunct Power Holding Company of Nigeria were handed over to private investors on November 1, 2013, following the privatisation of the power sector by the former President Goodluck Jonathan administration.1�]W\
