The Federal Government of Nigeria has announced that it has completed the takeover of four struggling distribution companies, Kaduna, Kano, Ibadan, and Port Harcourt DISCOs
This was announced by the Director-General of the Bureau of Public Enterprise (BPE), Mr 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, according to the News Agency of Nigeria.
The BPE Director General, Mr Alex Okoh, informed council that the take-over of Kaduna, Kano, Ibadan and Port Harcourt DISCOs had been concluded successfully, adding that the challenge in the takeover of the Benin DISCO was being addressed.
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Okoh also made a presentation on the concession of the Zungeru Hydroelectric Power Plant, inviting NCP to note steps taken by the Bureau to fast track the process.
He presented for approval, a proposal to amend the Procedures Manual of the BPE, focusing on legal framework, reform activities, pre-transaction activities, project advisory and delivery team, receipt of technical and financial transaction strategies, opening and evaluation of technical proposals, among others.
