The federal government has ordered the resale of electricity Distribution Companies (DisCos) under the management of banks and the Asset Management Corporation of Nigeria (AMCON) within three months, to reputable technical power operators.
LEADERSHIP checks revealed that five DisCos are currently under the management of AMCON and bank lenders. These are Abuja Electricity Distribution Company (AEDC), which is currently under the management of the United Bank of Africa (UBA), while Fidelity Bank and Afreximbank had in 2022 taken over the management of Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company (KEDCO), and Kano Electricity Distribution Company while Ibadan Electricity Distribution Company (IBEDC) is under the AMCON management.
The DisCos were taken over following their inability to pay off loans taken by the core investors to buy 60 per cent ownership of the power assets during the privatisation exercise in 2013.
The Minister of Power,…
Source: Leadership Newspaper
