FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE - Politics

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FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE - Politics - Nairaland

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FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Islie: 4:08pm On Jan 13

The federal government has reassigned the Power of Attorney (PoA) for its 40% shareholding in electricity distribution companies (DisCos) from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI).

According to a document viewed by LEADERSHIP, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, issued an Order, dated January 10, directing the board of directors of MOFI to take over ownership, control, and management of all equity holdings of the Federal Government in Nigeria’s 11 DisCos.

Edun also instructed MOFI to “Assume ownership, control, and management of all equity holdings of the Federal Government. of Nigeria, as contemplated and provided for by law and/or any contract; and issue all appropriate notices, instruments, and documents which are required to give effect to this directive.”

Recall that under the statutory mandate in Section 9 of the now-repealed Electric Power Sector Reform Act, 2005, BPE was the holder of record of the equity interests of the FG in DisCos. BPE nominated various persons to be directors in DisCos and managed the implementation of the various rights and obligations of the FGN in the company.

Acting on Minister Edun’s directive, Armstrong Takang, the CEO of MOFI, in a letter to the chairman of the board of directors of the Electricity Successor Companies, stated, “The BPE nominee director on the board of directors of this Company is withdrawn with immediate effect, and share certificates of the Company issued in the name of the BPE are to be immediately withdrawn and cancelled.”

He added, “A new share certificate for all outstanding shares of the FGN in the Company is to be issued in the name of ‘MINISTRY OF FINANCE INCORPORATED’. All minutes of Board meetings, current management operational reports, extant strategic business and operating plans, management accounts, and audited financial statements going back to the 2021, 2022, and 2023 financial years should be immediately delivered to MOFI.”

Takang said he expects DisCos to “Immediately take on board and implement these decisions”.

https://leadership.ng/federal-govt-withdraws-power-of-attorney-for-40-shares-in-discos-from-bpe/

31 Likes 4 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by MrProlific95: 4:26pm On Jan 13

Technical Jargons, the layman question is, will this move make power more stable?

86 Likes 6 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by RepoMan007: 4:43pm On Jan 13

Can change of ownership to people with no track record of running such solve the power challenges facing us?

I sense wuruwuru. Ask the current owners to be accountable.

18 Likes 4 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Seunpapa65: 5:56pm On Jan 13

All this grammar without an effect na him dey pain me

38 Likes 3 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Dodo5: 8:27pm On Jan 13

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by ATEAMS: 8:27pm On Jan 13

Ommoh

from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI).

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Zico5(m): 8:29pm On Jan 13

I still don't understand the jargon being stated here. All we know is that power holding company is not living to its standard. What's the significant of these alignments and in what way will it benefit the masses.

21 Likes 2 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by foxxydude: 8:30pm On Jan 13

Hmmmm

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by wizelink(m): 8:31pm On Jan 13

Okay we don hear. What next?

10 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Lukgaf(m): 8:31pm On Jan 13

Please somebody explain

5 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by SPF247(m): 8:31pm On Jan 13

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Nahunger(m): 8:32pm On Jan 13

Fg ti take over

3 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by aikyg(m): 8:32pm On Jan 13

Okay. Cool!

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Enemyofpeace: 8:33pm On Jan 13

Football222:
Lol

What's amusing you? Have you found it?

4 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by hardayemmie(m): 8:33pm On Jan 13

President Tinubu is not here to play...

This I have known since day one.

For Nigeria to move forward... All sectors needs to be fixed.

36 Likes 7 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Noaah(m): 8:34pm On Jan 13

Hmm issoright

1 Like

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Enemyofpeace: 8:34pm On Jan 13

Lukgaf:
Please somebody explain

they are planning to sell all the airports in Nigeria

10 Likes 1 Share

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Lukgaf(m): 8:35pm On Jan 13

Enemyofpeace:
they are planning to sell all the airports in Nigeria

How's airport related to discos?

30 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by MANNABBQGRILLS: 8:35pm On Jan 13

Anything to move our Darling country forward is all we want at MANNA.

We wonder why this is going under the radar.
We simply like how FG is systematically dealing with DISCOs

First off, the Power of Attorney has been withdrawn from BPE and given to MOFI, under the direct supervision of the ministry of finance.
This has made MOFI the highest shareholder on behalf of the government.

By virtue of it power, the CEO of MOFI has sacked the directors of DISCOs and asked for the audited financial accounts for the last 3 years.
There is also the recapitalization idea the FG is dangling.

The point of the story is, whether through recapitalization wahala or financial impropriety of their books, the end game is the withdrawal of the licenses of DISCOs by FG with the possibility of selling them off

Interesting days ahead 😊😊😊....OPE.

Another breaking news below....
As e dey hot.
Jagaban doing things...
(Someone should create a thread on it biko,
We are on Barbecue Duty now...Business first before politics 😉 )
God bless Nigeria 🇳🇬

29 Likes 9 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by BigDawsNet: 8:35pm On Jan 13

Gradually Tinubu is correcting the nation...

He should focus more on the economy...

Price of basic amenities/food needs to come down

33 Likes 3 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by MANNABBQGRILLS: 8:35pm On Jan 13

hardayemmie:
President Tinubu is not here to play...

This I have known since day one.

For Nigeria to move forward... All sectors needs to be fixed.

Gbamsolutely!

END OF THREAD.

27 Likes 4 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by LAW2577: 8:36pm On Jan 13

`Good one

7 Likes 2 Shares

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by lordm(m): 8:36pm On Jan 13

Somebody please simplify for us abeg

3 Likes 1 Share

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by bigdammyj: 8:37pm On Jan 13

Noted.

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Alexlalax1(m): 8:38pm On Jan 13

All these big big grammars without effect. This old man's government na the more you look, the less you see

3 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by MichaelSokoto(m): 8:40pm On Jan 13

wizelink:
Okay we don hear. What next?

more darkness!

cool

2 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Enemyofpeace: 8:40pm On Jan 13

Lukgaf:

How's airport related to discos?

they are brothers and sisters

3 Likes

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Alexlalax1(m): 8:40pm On Jan 13

Enemyofpeace:
they are planning to sell all the airports in Nigeria

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by Enemyofpeace: 8:41pm On Jan 13

Alexlalax1:
All these big big grammars without effect. This old man's government na the more you look, the less you see

and more pains for the masses

1 Like

Re: FG Withdraws Power Of Attorney For 40% Shares In Discos From BPE by amikeem(m): 8:41pm On Jan 13

Chai... All these grammar sometimes make us feel as if we didn't even go school. Pls in a simple term. What does these turanchi mean jare

4 Likes 1 Share

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