Great Tension In Aso Rock As President Buhari Receives One Of The Greatest Threats, Ahead Of The 2019 General Elections 

By Joshua Amaugo August 1, 2018 11:15

Great Tension In Aso Rock As President Buhari Receives One Of The Greatest Threats, Ahead Of The 2019 General Elections 

Amidst the wave of mass defection from the All Progressives Congress, APC, to the Peoples Democratic Party, PDP, power Distribution Companies, DisCos, in Nigeria, having highlighted the challenges they are facing under the leadership of President Muhammadu Buhari, have threatened to quit the country.

Post-Nigeria gathered that the development is sequel to the disagreement between the Federal Government and power Distribution Companies.

Recall, that the Minister of Power, Babatunde Fashola, had on Friday, July, 20, lambasted the Association of Nigerian Electricity Distributors, ANED, condemning its reactions to his directives to the Nigerian Electricity Regulatory Commission, NERC, Bureau of Public Enterprises, BPE, and Nigeria Bulk Electricity Trading Plc, NBET.

Reacting to Fashola’s statement, on Sunday, July 22, the Distribution Companies said that Nigerians were not getting value for taxpayers’ funds being channelled to misguided projects by the Rural Electrification Agency, REA, Transmission Company of Nigeria, TCN, and “friends”, under the watch of the Minister.

Following the long feud, the DisCos on July 31, threatened to quit the sector, while expressing willingness to resell the power assets at discounted rates.

According to investigations, the successor companies of the defunct Power Holding Company of Nigeria, PHCN, were privatised on November 1, 2013, and sold to investors that year.

Speaking at a Press Conference, in Abuja, on Tuesday, the Investor in the Jos Electricity Distribution Company Plc, Tukur Modibbo, stated that the power firms were doing their best, but were willing to resell the companies at discounts, to whosoever was interested in them.

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 have given you the price”, Modibbo said.

Meanwhile, the Chief Operating Officer, Ibadan Electricity Distribution Company, John Ayodele, also stated that the DisCos would quit without hesitation, if they had an opportunity to do so.

He said: “On when we are going to quit the business, the fact is that if you ask all the Investors, because I have sat with them; if you can refund them their money in five minutes, they will quit in 10 minutes. No Investor wants to stay.

“So, if you are ready to refund the money right now, no Investor will stay for one minute. The one (Disco) they returned in Yola (to the Federal Government) since 2015, as we speak today, no kobo has been paid to the Investor. So, you can imagine the frustration. Let us look at this issue from the business angle, no Investor is a Father Christmas”, Ayodele stated.


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