The Nigerian government has said that the restructuring of five of the nation’s energy distribution companies is temporary.
The statement said that qualified private sector investors will buy the bulk of the equity in the companies, re-capitalize and run them profitably. “The ministry has received confirmation from the BPE and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors, the financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity,” the statement said.
“We wish to reassure electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Program,” it noted.In a reaction to the government’s intentions to restructure the companies, the managers of Integrated Energy Distribution and Marketing Company said they own 60 per cent shareholding interests in the Ibadan Electricity Distribution Company.
It said that IBEDC was unlawfully included in the announcement, adding that the government’s publication was “ill-conceived”. and its Nominee,‘Kunle Ogunba Esq., SAN have been duly registered at the archives of the Corporate Affairs Commission , Abuja,” it said.
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