Tag: DISCOs

Debts: DisCos’ takeover, CBN interventions averted banks’ collapse – Stakeholders

Aminu Imam

Some stakeholders in Nigeria’s power sector have lamented that many Deposit Money Banks (DMBs) in Nigeria who extended loans to some electricity distribution companies (DisCos) may have collapsed except for the Central Bank of Nigeria (CBN)’s intervention, especially in their takeover. The experts, who also noted that the apex bank’s backing of the takeover saved the country job losses and economic catastrophe, noted that recovering government loans, as well as that of commercial banks, remained critical for the nation’s financial sector, even as government intervention in the sector now stands…

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FG completes takeover of Kaduna, Kano, Ibadan and Port Harcourt DisCos

Aminu Imam

The Federal Government has announced that it has successfully completed the takeover of struggling distribution companies, (DisCos), including Kaduna, Kano, Ibadan and Port Harcourt DisCos. This was announced by the Director-General of the Bureau of Public Enterprise, (BPE), Alex Okoh, while briefing the National Council on Privatisation (NCP) chaired by Vice-President Yemi Osinbajo on the update of the takeover of the four electricity distribution companies (DisCos). The DisCos were forced under new management over poor debt management issues. The BPE Director-General informed Council that the take-over of Kaduna, Kano, Ibadan…

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FG to sell Discos’ shares to new investors

Aminu Imam

…’Benin, Kaduna, Kano worst-performing DisCos’ – BPE The Federal Government, on Friday, declared that Benin, Kaduna and Kano electricity distribution companies (Discos) were the worst-performing ones among the 11 power distributors in Nigeria. It stated that based on this, the government through the Bureau of Public Enterprises, (BPE), and the Nigerian Electricity Regulatory Commission, (NERC), had resolved to sell the majority interest in the three DisCos to competent investors. The BPE Director-General, Alex Okoh, disclosed this in an issued statement he personally signed, while reacting to the resistance by some…

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Shake-up in power sector as bank seize Benin, 3 other DisCos over debt

Aminu Imam

Fidelity Bank has taken over the control of Benin, Kaduna, and Kano Distribution Companies (DisCos) due to payment defaults. The bank has written to the Bureau of Public Enterprise (BPE), which oversees the government’s 40% stake in the DisCos that it has replaced the board members of the affected DisCos. The new board members for Kano DisCo are Hasan Tukur (Chairman), Nelson Ahaneku (Member), Rabiu Suleiman (Member); For Benin DisCo, the board members are KC Akuma (Chairman), Adeola Ijose (Member), and Charles Onwera (Member); while for Kaduna DisCo, the new…

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Nigeria in Darkness: ‘Time to revoke the agreements entered with GenCos, DisCos without further delay’ – Stakeholders

Aminu Imam

As the country continues to suffer from appalling electricity supply which dates back to several weeks with its attendant negative ripple effects on the country, stakeholders have lamented that Nigeria never had any real electricity in its entire history. On Tuesday, the country generated 2100MWs, according to media reports; however, industry observers have pointed out that most of it will be lost to poor transmission failure. The country has been in darkness during the two quarters of the year and the reason is due to inadequate gas supply to power…

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FG orders DisCos to charge Nigerians per hour of electricity supplied

Aminu Imam

The Federal Competition and Consumer Protection Commission, (FCCPC), has warned Electricity Distribution Companies, (DisCos), to bill their consumers per hour amid a shortage of power supply in the country. In an issued statement released by the body on Tuesday, the FCCPC told DisCos to be mindful of their commitments and respect consumers’ rights, as complaints piled up against the private companies operating the distributing companies. According to the Nigerian Electricity Regulatory Commission, (NERC), in December 2021, the regulator said complaints against the DisCos rose to 478,415 in the first six…

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Electricity: Stakeholders question whether DisCos have quietly increased tariffs

Aminu Imam

Some electricity consumers across the country have decried the surreptitious rising cost of electricity reflecting on their bills. An electricity consumer on the Ikeja Electric (IE) platform in Lagos, Tayo Olatoye, obviously seething with anger, said he sent his son to purchase N3, 000 worth of electricity units from an IE vendor last Wednesday. However, upon loading the token, he was shocked at the number of units he got. According to him, “On January 16, I bought 66.6 units of electricity for N3, 000, but to my surprise, last Wednesday,…

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Fresh electricity tariffs: Showdown imminent as consumers, Labour threaten action against DisCos

Aminu Imam

Outrage and angry reactions have continued to trail the unexpected upward review of electricity tariffs by about 100 percent by the 11 Electricity Distribution Companies, (DisCos) operating in the country. Recall that the Nigerian Electricity Regulatory Commission (NERC), had assuaged the fears of Nigerians after the outcry that trailed an increase in the tariffs in September 2020 and January this year, that the DisCos would not increase tariffs of customers enjoying less than 12 hours of power supply daily. Also, on April 25, the Federal Government apologised to Nigerians over…

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Electricity: Tension, confusion as DISCOs clandestinely increase  tariffs by 100 percent

Aminu Imam

Many Nigerian electricity consumers were yesterday thrown into confusion following the decision of Electricity Distribution Companies (DISCOs) operating in the country to clandestinely increase electricity tariffs by about 100 percent. It was reliably gathered that the increment was effected last week Tuesday; however, many Nigerians were not aware of it until yesterday morning when they visited the offices of their electricity providers to complain about their inability to load the token generated for energy purchased. According to a consumer who purchased energy units of N5,000 last Tuesday, he was unable…

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‘Our meters are free’ — Jos DisCo

Aminu Imam

…Asks customers to report officials demanding bribe The Jos Electricity Distribution Company says its pre-paid meters are free for customers in its franchise areas. According to a statement issued by its Head of Corporate Communications, Friday Elijah, the company asked its customers to report any official who asks for money before installing prepaid meter in their homes. “Similarly, account openings are also free and as such customers need not pay for new account openings,” the statement read. The power firm supplies electricity to customers in Bauchi, Benue, Gombe and Plateau…

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