Home Electricity FG concludes take-over of four DisCos

FG concludes take-over of four DisCos

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Director General, of  Bureau for Public Enterprises (BPE) has said the take-over of four electricity Distribution Companies (DisCos) namely; Kaduna, Kano, Ibadan and Port Harcourt DISCOs has been concluded successfully.

Okoh,  disclosed this in a presentation made at a virtual meeting of the National Council on Privatisation (NCP)

He added that that the challenge in the takeover of the Benin DisCo is being addressed.

This is as the vice president, Prof Yemi Osinbajo said the inauguration of a board for the Nigeria Electricity Liability Management Company (NELMCO) will enhance ongoing efforts to resolve liabilities relating to tariff shortfalls for distribution companies, among other challenges plaguing Nigeria’s power sector.

Osinbajo gave the assurance in his remarks delivered virtually on Friday at the inauguration of the new board of NELMCO.

The company has been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.

“Today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria,” the Vice President said, according a statement by his spokesman, Laolu Akande.

Continuing, Prof. Osinbajo said “this ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”

On the expectations for the new board, the vice president told the members that, “as a board, you are expected to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN, and ensure an effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of the Electricity Distribution Companies.”

“In view of the challenges ahead, you are expected to draw extensively on our experience over the years, to continue to give credence to the Federal Government of Nigeria’s economic development programme in a transparent, sustainable, credible and acceptable manner.

“The Board is required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate,” the VP added.

On the board’s mandate, Prof. Osinbajo charged members “to diligently carry out the responsibilities assigned to the board in accordance with the provisions of the Memorandum and Articles of Association (MEMART) of the Company.”

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