Electricity distribution companies have listed the conditions for accepting the National Assembly’s N500bn recapitalisation plan for each of the 11 Discos nationwide.
This is as the distribution companies also said they were not under the control of the House of Representatives but the Nigerian Electricity Regulatory Commission.
The PUNCH reports that the House of Representatives on Wednesday mandated electricity distribution companies to undertake a N500bn recapitalisation to enhance their financial stability and ensure they can efficiently meet their obligations to the Nigerian public.
However, in an interview with one of our correspondents, the Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors, Sunday Oduntan, said the government should lead the recapitalisation process by releasing 40 per cent of the N500bn required for each Disco.
According to him, the Federal Government owns 40 per cent of the Discos while the investors own the remaining 60 per cent. Oduntan said the Discos would wait for the Federal Government to pay its 40 per cent before making commitments if the plan comes to fruition.
