The Federal Government has completed the takeover of four electricity distribution companies which include Ibadan, Kaduna, Kano and Port Harcourt DisCos.
The Director General of the Bureau of Public Enterprises (BPE), Mr Alex Okoh, disclosed this in a presentation made at a virtual meeting of the National Council on Privatisation (NCP).
According to reports, the DisCos were forced under new management over poor debt management issues.
Meanwhile, the Government has also constituted the board of the Nigeria Electricity Liability Management Company (NELMCO).
This, according to the Vice President, Prof. Yemi Osinbajo, would enhance ongoing efforts to resolve the liabilities relating to tariff shortfalls for power distribution companies nationwide.
The company has been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.
On the expectations for the new board, the Vice President told the members that they are expected to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN, and also ensure effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of the Electricity Distribution Companies.
