Sigh of Relief at Last as Buhari’s Govt Announces Restructuring, Takeover Of Discos

The affected DISCOs are as follows: Kano Electricity Distribution Company (KEDCO) Ibadan Electricity Distribution Company (IBEDC) Benin Electricity Distribution Company (BEDC) Kaduna Electric Port Harcourt Electricity Distribution Company (PHED)

The failure on the part of the DISCOs was disclosed by Fidelity Bank which recently made a call on the collateralised shares of KEDCO, BDEC, and Kaduna Electric. According to the said statement, both Garba and Okoh explained that while the Asset Management Corporation of Nigeria (AMCON) would be a placeholder board for IBEDC temporarily, the PHED will be restructured to avert insolvency. NERC and BPE bosses noted that at the moment, the new boards for the discos have been approved and the bureau was working with the Central Bank of Nigeria (CBN) and the ministry of power to ensure no service disruptions during the transition.

Meanwhile, the ministry of power had given an update on the current dip in electricity generation across the country. In a terse statement sent to Legit.ng on Saturday, June 4, the ministry said the partial shutdown was caused by a gas plant in the country currently facing challenges. The statement read in part: “We wish to notify the general public that the current dip in electricity generation is as a result of the partial shutdown of the Oben gas plant to address the repair of critical gas processing equipment…”