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Nairaland Forum / Nairaland / General / Politics / Clueless Investors Bought Over Nigeria’s Power Sector – Saraki (16189 Views)
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Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by realjoker(m): 9:59pm On Feb 07, 2017 |
Senate President Bukola Saraki on Tuesday criticised how the power sector was privatised, saying it was sold to individuals who had no idea about how to run it. He said the mistakes of past governments “born out of ignorance, selfish interests and fraud”, brought Nigeria to this point. Saraki said this at a workshop on power sector organised by the national assembly in Abuja. He lamented that the sector, in spite of the enormous resources committed to it for the last 14 years, had remained in a perilous state. “Today, we are on the verge of a total systemic breakdown and I see this as an opportunity to stop this train from derailing completely,” he said. “We sold the discos to individuals and parties who had no idea about running a proper power distribution business. Licenses were issues based on cronyism rather than capital adequacy, market experience and capacity to deliver. Agreements were faulty and transaction integrity hardly imperative. “This is the opportunity for both the legislature and executive to come together to forge a solution to this perennial problem. We cannot afford to waste the opportunity we have now. “We owe it to the people who have entrusted us with the privilege of working out solutions to their problems by electing us to our various offices that we are hard on our heels to bring them solutions not complaints. “We cannot shy away from the fact that inexcusable mistakes have been made in the past that brought us to this point and we must be willing to face up to them and clearly delineate them in order to ensure that we do not return to the mistakes of the past. “Clearly some of these where innocent mistakes, others were rather the product of selfish interests, some fraudulent, some borne out of ignorance and others glaring lack of capacity apparent from day one. All of these combined has brought us to the mess we now have to face up to.” Emphasising that the problems in the sector were the country’s own making, the senate president said sacrifice must be made to overcome the challenges. “Where we are is not an accident. We walked our way into the landmine we are facing with the decisions we made in the past. While privatisation is a right policy recipe to pursue in order to put in place a power sector that can galvanise our economy, we forgot that the participation of the private sector is not an end in itself,” he said. “We neglected that unless this is done, observing transparency, competition, transaction integrity we might end up with a sector worse than the past. The BPE did things that were inexcusable. To imagine that even the sale proceeds of about $4bn was solely spent towards the payment of pensions and staff. Not one single kobo was expended towards catalysing the sector back to life. “GENCOS bought generating units without a clear assurance of source of gas to fire plants and government had no active roadmap for delivery of a gas market infrastructure to make this happen. “Yet gas companies and the IOCs were exporting our gas out of our shores to create gas markets elsewhere in Europe and Asia while we languished in darkness as a result of incessant, persistent and erratic power outages. In the face of all these our people continued to be called upon to bear inexplicable bills estimated beyond rationale service value.” https://www.today.ng/business/energy/256380/clueless-investors-bought-nigerias-power-sector-saraki 4 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Businessideas: 10:03pm On Feb 07, 2017 |
What's this man saying? Is it discos that blew up gas pipelines delivering gas to power plants? Why can't people say the truth in their life? The power plants are down because they don't have gas and if no power is generated,how does he expect them to deliver electricity to homes? He should hold the senators from the Niger Delta responsible for not doing enough to stop bombing of gas pipelines in their constituencies. For the past few months, I am yet to finish the Kilowatts of electricity I loaded on my meter because there's hardly light and I wonder how the discos manage to survive when we their customers have not recharged for months yet someone is still blaming them? It's not their fault and as a matter of fact,they're more of victims of intense political power play. I support the government's move to move over to hydro power generation since the gas power plant is at the mercy of the miscreants that called themselves militants 48 Likes 2 Shares |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Donexy16(m): 10:03pm On Feb 07, 2017 |
When will all these complains end |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Baawaa(m): 10:25pm On Feb 07, 2017 |
Senate President Bukola Saraki on Tuesday criticised how the power sector was privatised, saying it was sold to individuals who had no idea about how to run it.Past government, that he was one of them,these people don't have shame 27 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by datola: 10:30pm On Feb 07, 2017 |
Clueless investors under clueless government led by clueless president. We are watching how much or better clueless this PMB administration will amount on or before its four- year term. 19 Likes 1 Share |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Nobody: 10:30pm On Feb 07, 2017 |
Truth hurts. GEJ sold Nigeria out just in order to achieve his political ambitions but God pass am. Truly the privatization process was "TRANSPARENT" realjoker: 20 Likes 2 Shares |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by realjoker(m): 10:57pm On Feb 07, 2017 |
Businessideas:You are right bro and Saraki is also right, Disco have been defaulting from paying for the power they purchase from TCN and whenever Power generation goes above 3500MW they will start rejecting loads, the reason is that they have not improve on bill collection, hence, they can't afford to pay for power generated by Gencos in excess of 3500MW, some of this discos lose as much as 40% in expected revenue on their output. 10 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Eazybay(m): 10:58pm On Feb 07, 2017 |
TCN bought by a Canadian firm is clueless ![]() Wea those peepz dat called it the most transparent privatization process?? Tho twas transparent sha 7 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Sibrah: 11:00pm On Feb 07, 2017 |
U mean like Atiku Abubarka? 1 Like |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by laudate: 12:15am On Feb 08, 2017 |
Businessideas: Guy, you must be in the minority. Under which DISCO does your premises fall? ![]() ![]() They have refused totally to fix faulty pre-paid meters. And they always give fake excuses to those who want to buy new ones. That estimated bill business, pays off for them - big time! ![]() 19 Likes 1 Share |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by MakeADifference: 4:01am On Feb 08, 2017 |
Clueless politicians bought Nigerian Government |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Adminisher: 4:46am On Feb 08, 2017 |
Dumb Jonathan sold Nigerian power assets to traders. Complete local, parochial idiot.wiyjout strategic ability. Yet people continue to tell lies crediting him with qualities the guy has not even heard of not to talk of possessing. At least in Obj time, privatization was done with some technical depth and process audited by credible international Consultants. The FG may need to revoke these ownerships even if they are going to be costly. Alternatively, arm twist them to go down into technical partnerships with utility companies overseas. 23 Likes 2 Shares |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by talk2archy: 7:59am On Feb 08, 2017 |
f |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by seXytOhbAd(m): 8:00am On Feb 08, 2017 |
. |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by anuwears(m): 8:00am On Feb 08, 2017 |
K |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Nobody: 8:00am On Feb 08, 2017 |
Sold to them by a clueless president. Unfortunately, the incumbent president is the most clueless leader I have ever seen 5 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by SEOManiac: 8:00am On Feb 08, 2017 |
nawa oh |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by hyfr(m): 8:00am On Feb 08, 2017 |
When your president is clueless, what do u expect |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by BJAYADEMOLA(m): 8:00am On Feb 08, 2017 |
One of the key problems today is that politics is such a disgrace, good people don't go into government. 2 Likes 1 Share |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Dandeson1(m): 8:00am On Feb 08, 2017 |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by shamecurls(m): 8:01am On Feb 08, 2017 |
Our Hero, ![]() Dude took us 5 decades backwards 12 Likes 3 Shares |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by eleojo23: 8:01am On Feb 08, 2017 |
.. |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Nobody: 8:01am On Feb 08, 2017 |
Trillions of Naira were spent on the power sector in the last decade It is clear that the more money we spend, the more darkness we get 6 Likes 2 Shares |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by dadavivo: 8:01am On Feb 08, 2017 |
So Nebo is clueless, saraki you're mad |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by dragonking2: 8:02am On Feb 08, 2017 |
But you were part of the last administration 1 Like |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Ugoeze2016: 8:04am On Feb 08, 2017 |
Can you guys buy the sector back? Abeg bring back NEPA. ..I still shout up Nepa 4 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by leofab(f): 8:04am On Feb 08, 2017 |
Any one more clueless than the senates? |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Buking1: 8:04am On Feb 08, 2017 |
Ha |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by AntiWailer: 8:05am On Feb 08, 2017 |
Were you not part of the Govt that sold to the clueless investors ? |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by maxiuc(m): 8:06am On Feb 08, 2017 |
Were u not a governor back then y didn't u speak up Saraki be warned 1 Like |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Lanretoye(m): 8:08am On Feb 08, 2017 |
more clueless are the people that sold it to them,knowing well that the investors are clueless and yet have nothing to do about it. 2 Likes |
Re: Clueless Investors Bought Over Nigeria’s Power Sector – Saraki by Lasskeey: 8:09am On Feb 08, 2017 |
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