FG’ll to retrieve ownership of 10 Discos

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The Federal Government may retrieve 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry.

This decision is ahead of the scheduled final performance review of the private firms that bought into the distribution companies carved out from the defunct Power Holding Company of Nigeria.

A document has shown that the Federal Government would require up to $2.4bn (N736bn) to repossess 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 has 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 President Goodluck Jonathan administration.




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