WAR OF WORDS! DISCOs Ask Fashola To Buy Their Businesses For 26Bln Naira
The spat between Minister of Power, Works and Housing, Babatunde Fashola and Nigeria’s electricity distributors is far from over.
On Tuesday, the power distributors said they were willing to sell their assets to Fashola or any other interested buyer at a discounted rate of 72 million dollars (this translates to about 26 billion naira).
The investors in the Discos came out this time around to speak for their companies rather than sending the spokesperson for the Association of Nigerian Electricity Distributors, Sunday Oduntan, as demanded by the Minister of Power, Works and Housing, Babatunde Fashola.
They also called on the minister to urgently convene a meeting with investors in the Discos if he truly wants the sector to make progress.
Recall that the successor companies of the defunct Power Holding Company of Nigeria were privatised on November 1, 2013 and sold to investors that year.
But since the sector was privatised, many electricity consumers have been complaining about poor supply by the Discos, a development that recently led to heated exchanges between Fashola and the firms.
Speaking at a press conference in Abuja on Tuesday, the investor in Jos Electricity Distribution Company Plc, Tukur Modibbo, stated that the power firms were doing their best but were willing to resell.
He said, “You asked me whether we are willing to quit the business. Now, please listen to me and put it down clearly that we bought our distribution company cash down for $82 million in 2013; we are willing to take $72 million in 24 hours and leave.
“If you have $72 million or Fashola can give us $72 million, we are giving him $10 million discount; if we get that sum, in 24 hours we are out of this business. Please, is there anybody with $72 million here? If there is none, please advertise it for me because I’ve given you the price.”
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