[quote author=ExAngel007 post=81270466]The Federal Government is considering
repossession of 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry.


This is coming 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.


However, document available to one of our correspondents shows 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 sighted by one of our correspondents 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.


The Transmission Company of Nigeria, which is responsible for electricity transmission, is still fully owned and operated by the government.

The PUNCH had on Friday reported that 17 of the nation’s 27 power stations had been forced to shut down some of their units on the back of low demand by Discos, worsening the blackout being experienced by millions of customers
across the country.

11 Discos declared technically insolvent
Total power generation dropped to 3,264.4 megawatts as of 6am on Monday, August 12 from 3,580.5MW on Sunday. It stood at 2,842.1MW as of 6am last Thursday.

Five and a half years after privatisation, the 11 Discos have been described as ‘technically insolvent.’




One step forward, two steps backward !!!

Business gone wrong

Hope it will solve our electricity problem.

I will design your ad banner, logo at an affordable price.

Ahn Ahn

abumeinben:
Wow..

The DISCOs got it wrong. Laying off engineers in core positions and fixing up non technocrats, just like FASHOLA heads the utility industry, is the biggest mistake ever.

Name those that have head that same position and is there line of profession and have done well just name 2/3

Instead of funding their business for them why can't the government take over the business totally

abumeinben:
Wow..

The DISCOs got it wrong. Laying off engineers in core positions and fixing up non technocrats, just like FASHOLA heads the utility industry, is the biggest mistake ever.

Your position has nothing to do with ATC&C loss the Discos are faced with. Buying over by the govt will only worsen the matter. This is what you get when the people who don't know about power and electricity market are the ones in charge.

Abati60:
Is this government cursed?

You that is not cursed can you tell us how to move on with this failed disco abi scammed investors.?
Government do una talk, government no do una go complain..

They are repossessing it not funding for them please.

Demzlent:
Instead of funding their business for them why can't the government take over the business totally

All this 1 doesn't concern us just make the electricity supply 247

It's all politics. They will use our money to buy them and share to tinubu and APC cabal. Nothing will change. They have always wanted to take that power distribution license that GEJ approved.Has government ever managed anything well? Let the reposess NITEL.

The power generation that is owned government, has gone from 5000 to 2800. And the government is talking about distribution.

Jonathan is a good man According to the flatinoes

Abati60:
Is this government cursed?

Cursed by who? I don't like this tormentous gvt either but this is GEJ's mess we are talking about here

Thanks to GEJ

The privatisation of DISCO's was a mega fraud.

Same applies to the sale of Nitel


In sane climes. GEJ should be in prison.

ashantitope:
Who to blame for this because I know someone will shout BUHARI name now for what is not aware of the generations of the matter and those that give out the contract are they not aware of all this?

The same way you were blaming and insulting JONATHAN

[quote author=ExAngel007 post=81270466]The Federal Government is considering
repossession of 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry.


This is coming 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.


However, document available to one of our correspondents shows 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 sighted by one of our correspondents 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.


The Transmission Company of Nigeria, which is responsible for electricity transmission, is still fully owned and operated by the government.

The PUNCH had on Friday reported that 17 of the nation’s 27 power stations had been forced to shut down some of their units on the back of low demand by Discos, worsening the blackout being experienced by millions of customers
across the country.

11 Discos declared technically insolvent
Total power generation dropped to 3,264.4 megawatts as of 6am on Monday, August 12 from 3,580.5MW on Sunday. It stood at 2,842.1MW as of 6am last Thursday.

Five and a half years after privatisation, the 11 Discos have been described as ‘technically insolvent.’

Read More Here

https://punchng.com/fgll-pay-failed-investors-n736bn-to-repossess-discos/




[/One step forward, two steps backward! Nigeria we hail thee ]

nafdacjoe:
The profit realised by the disco did not meet their expectation.

They made money but spent it too lavishly

MondayOsunbor:

Failed Investors ! Buhari will spend the money public Money And convert it to family business using fronts mark my words

ode!!!

MondayOsunbor:

Failed Investors ! Buhari will spend the money public Money And convert it to family business using fronts mark my words

ode!!!

abumeinben:
Wow..

The DISCOs got it wrong. Laying off engineers in core positions and fixing up non technocrats, just like FASHOLA heads the utility industry, is the biggest mistake ever.

discos didn't get anything wrong its all part of the corruption in Nigeria.

discos were complaining that Nigerians are not paying much for electricity, so they strike a deal with petroleum companies who settle them inorder not to bring light. This is part of the reason they are all frustrating distribution of prepaid meters in Nigeria.

ashantitope:



Name those that have head that same position and is there line of profession and have done well just name 2/3

no mind am

[s]

MachadoPreto:
Thanks to GEJ

The privatisation of DISCO's was a mega fraud.

Same applies to the sale of Nitel


In sane climes. GEJ should be in prison.

[/s]

in a saner clime buhari will be hanged in the gallows for his crimes against humanity

thunder scatter buhari Insha'Allah Amin
thunder scatter buhari Insha'Allah Amin
thunder scatter aisha masha Allah Amin

Ogun ooooo the powerless deity

Your contact?

Nbote:




U ppl can't stop amazing me.. I thought U guys all claimed d power sector was now beta than it has ever being and d govt itself claimed Nigerians now enjoyed steady power supply? Now help me understand how dis doesn't contradict both d govt and U lots? If d sector has improved like U ppl claim, why Dis?

How do u even reason?

Use your head.

That there is improvement, doesn't mean there was a credible transfer of ownership.

That their is an improvement, doesn't mean things are on the right track to even get much better than it should.

Do u know how many short-lived improvements we have had?

There is no contradiction here. The improvement is still not good enuf.

Jonathan messed up with how his regime went about it all.

Even if they repossess it they will get the same results,the invested to make money and some Nigerians always bypass to enjoy light.what WE habe nie is priority electricity,if you have the money, the area gets 24 hrs light.

What happens when such strategic infrastructures are privatized to padi padi dem

Abati60:
Is this government cursed?

Did you bothered to read the News?
Cos it seems the Government is trying to Fix a problem it didn't cause.

It was Privatised by the previous government and the investors has not been doing their jobs and now this government is looking for a way to solve the problems.. Eg, by buying off the Investors. That's the summary of the News, reason I asked if you bothered reading it

Salam19:
Jonathan is a good man According to the flatinoes

The Ewedos and Gbegiri foolish jihadists thought otherwise but I guess you see the difference between Gejs government and Mbs governments?

ExAngel007:
The Federal Government is considering
repossession of 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry.


This is coming 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.


However, document available to one of our correspondents shows 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 sighted by one of our correspondents 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.


The Transmission Company of Nigeria, which is responsible for electricity transmission, is still fully owned and operated by the government.

The PUNCH had on Friday reported that 17 of the nation’s 27 power stations had been forced to shut down some of their units on the back of low demand by Discos, worsening the blackout being experienced by millions of customers
across the country.

11 Discos declared technically insolvent
Total power generation dropped to 3,264.4 megawatts as of 6am on Monday, August 12 from 3,580.5MW on Sunday. It stood at 2,842.1MW as of 6am last Thursday.

Five and a half years after privatisation, the 11 Discos have been described as ‘technically insolvent.’

Read More Here

https://punchng.com/fgll-pay-failed-investors-n736bn-to-repossess-discos/

The 10 discos belong to former president of Nigeria, Abdulsalami Abubakar .

Onijagidijagan:
Jonathan messed up big time , thank God Atiku did not win d election ..he will privatized everything .

You are not a very smart person oo