- FG finalises acquisition of four DisCos.
- NCP to take notice of the Bureau’s actions to expedite procedures.
The federal government has declared that it has concluded the acquisition of ailing distribution firms, including the DISCOs in Kaduna, Kano, Ibadan, and Port Harcourt. The Bureau of Public Enterprise’s Director-General, Mr Alex Okoh, made this announcement while updating the Vice President Yemi Osinbajo-led National Council on Privatization (NCP) on the progress of the acquisition of the four energy distribution businesses (DISCOs).
According to the News Agency of Nigeria, the DisCos were compelled to adopt new management due to concerns with inadequate debt management.
The takeover of the DISCOs in Kaduna, Kano, Ibadan, and Port Harcourt had been completed satisfactorily, according to the BPE Director General, Mr Alex Okoh, who also said that the problem with the takeover of the DISCO in Benin was being resolved.
In a presentation on the Zungeru Hydroelectric Power Plant concession, Okoh also asked NCP to take notice of the Bureau’s actions to expedite the procedure.
With a focus on the legal framework, reform activities, pre-transaction activities, project advisory and delivery team, receipt of technical and financial transaction strategies, and opening and evaluation of technical proposals, among other things, Alex Okoh put forth a proposal to amend the BPE Procedures Manual for approval.