Godwin Emefiele, CBN Governor
Godwin Emefiele, CBN Governor

Chairman and Chief Executive Officer, CEO of Oilserv Limited, Mr. Emeka Okwuosa, has express disappointment over the attitude of the ownership of electricity distribution companies, DISCOS that fail to deliver after receiving the Central Bank of Nigeria, CBN N213 billion power sector intervention funds and called on the Bureau of Public Enterprises, BPE to take over the ownership of these companies.
Okwuosa, who stated at an interactive session with the media in Lagos recently, lamented that while some DISCOS are serious about improving the state of power supply through innovative ideas, others are simply laid back waiting to reap where they did not sow.
The Federal Government had last year approved a N213 billion facility to help offset the legacy gas debts and address the revenue shortfall in the power sector.
But while not in support of government bailing out power firms because they are private entities, the Oilserv boss stated that BPE should place a lien on the shares of DISCOS that are listed on the exchange should they fail to deliver.
He furthered that the shares should be subsequently sold to members of the public with the firm reverting to BPE.
He equally accused some electricity distribution companies, DISCOS, of not doing enough to bring about the desired growth in the country’s power sector.
Okwuosa called on BPE to look into the operational modules of the respective discos to ascertain the level of their performance and efficiency track record in order to address the discovered shortfalls.
Specifically, he said a particular disco had already taken the lead in this regard by exploring the options of alternative power generation through captive power generation, a move that would see it get additional power beyond that which is allocated to it from the grid system.
On the other hand, he regretted that majority of the Discos are only out to rip off consumers through estimated billing charged them on monthly basis without the commensurate supply of power for such outrageous billing system.
“The Discos only get to tell Nigerians about the operational challenges they encounter in the course of carrying out their operations, but they never cared to tell us the quantum of profit they make, especially through estimated billing,” he worried.

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