Federal Government To Pay ‘Failed Investors’ N736bn To Retrieve DISCOs - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
August 15, 2019
The Federal Government to retrieveten electricity distribution companies as option salvage to the nation’sbesieged electricity industry.
This is coming ahead of the plannedfinal performance review of the firms that bought into the distributioncompanies carved out from the defunct Power Holding Company of Nigeria.
Document shows that the FederalGovernment would require up to two point four billion dollars, equivalent toseven hundred and thirty six billion naira reclaiming the privatiseddistribution assets from the core investors if it finally takes the decision.
Giving clue that it could recoverthe assets from the core investors, the Ministry of Power, Works and Housing ina document described the co-owners of the distribution companies as ‘failedinvestors.’
The distribution and generationcompanies carved out of the defunct Power Holding Company of Nigeria werehanded over to private investors on November 1, 2013, following theprivatisation of the power sector by the former President Goodluck Jonathanadministration.1�]W\