Two years after the core investors of the Yola Electricity Distribution Company (Yola DisCo), declared a force majeure owing to their inability to operate under the reign of terror unleashed by Boko Haram, the Federal Government is yet to find any investor interested in operating the utility company, IWIN reports.
In 2015, owner of Yola DisCo, the Integrated Energy and Distribution Marketing Company (IEDM), had returned the company to the Federal Government. According to findings, investors were unable to access the facility for business due to the Boko Haram insurgencies battling the state.
This, by implication, brings the number of DisCos privately operated to 10 instead of 11. According to a source who claimed anonymity due to the sensitivity of the issue, the government has been experiencing a tough time finding a buyer even at a giveaway price for which the company is being offered for sale.
After return of the company to the Federal Government, Mr. Baba Mustapha an Engineer, was appointed to run the DisCo in the capacity of an acting Managing Director. Before his appointment, he was a Deputy Director in the Ministry of Power. Yola DisCo covers Adamawa, Borno, Taraba and Yobe states.