Elumelu advises FG to recapitalize DisCos, change ownership structure

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The Chairman of Heirs Holding and United Bank for Africa (UBA) Mr. Tony Elumelu has advised President Muhammadu Buhari to reconsider the ownership structure of the Electricity Distribution Companies (DisCos) with a view to taking over controlling shares of the firms, The Nation reports.

He spoke on the sidelines of the ongoing 23rd Nigerian Economic Summit holding in Abuja. Mr. Elumelu noted that “in as much as some existing investors might like the idea, the Federal Government could not continue to allow the DisCos hold the nation down with inefficient power distribution.”

His solution to the epileptic power supply in the country is the “recapitalisation of the DisCos and then increase its stake from the current 49 per cent to 51 per cent and sell the controlling stakes to new investors, as the current operators have become obstacles to the realisation of the nation’s power capacity goal.”