FG Will Pay ‘failed Investors’ N736bn To Repossess Discos - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › FG Will Pay ‘failed Investors’ N736bn To Repossess Discos (20556 Views)
| FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by ExAngel007(op): 8:11am On Aug 15, 2019 |
The Federal Government is considering repossession of 10 electricity distribution firms as one of the options to rescue the nation’s beleaguered electricity industry. This is coming ahead of the scheduled final performance review of the private firms that bought into the distribution companies carved out from the defunct Power Holding Company of Nigeria. However, document available to one of our correspondents shows that the Federal Government would require up to $2.4bn (N736bn) to repossess the privatised distribution assets from the core investors if it finally takes the decision. Giving clue that it could recover the assets from the core investors, the Ministry of Power, Works and Housing in a document sighted by one of our correspondents has described the co-owners of the distribution companies as ‘failed investors.’ The distribution and generation companies carved out of the defunct Power Holding Company of Nigeria were handed over to private investors on November 1, 2013, following the privatisation of the power sector by the President Goodluck Jonathan administration. The Transmission Company of Nigeria, which is responsible for electricity transmission, is still fully owned and operated by the government. The PUNCH had on Friday reported that 17 of the nation’s 27 power stations had been forced to shut down some of their units on the back of low demand by Discos, worsening the blackout being experienced by millions of customers across the country. 11 Discos declared technically insolvent Total power generation dropped to 3,264.4 megawatts as of 6am on Monday, August 12 from 3,580.5MW on Sunday. It stood at 2,842.1MW as of 6am last Thursday. Five and a half years after privatisation, the 11 Discos have been described as ‘technically insolvent.’ Read More Here https://punchng.com/fgll-pay-failed-investors-n736bn-to-repossess-discos/ 12 Likes 3 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by abumeinben(m): 8:17am On Aug 15, 2019*. Modified: 9:42am On Aug 15, 2019 |
Wow.. The DISCOs got it wrong. Laying off engineers in core positions and fixing up non technocrats, just like FASHOLA heads the utility industry, is the biggest mistake ever. bankylan:I smile. I smile again. But we're likely saying same thing 22 Likes 2 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by ashantitope: 8:17am On Aug 15, 2019 |
Who to blame for this because I know someone will shout BUHARI name now for what is not aware of the generations of the matter and those that give out the contract are they not aware of all this? 29 Likes 7 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by BusinessNinja(m): 8:17am On Aug 15, 2019 |
K |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by piippa(m): 8:17am On Aug 15, 2019 |
When wrong people are at the wrong positions. A Lawyer has no business with the power Ministry but same lawyer boosted than there will be light in 6 months when they are voted in. 21 Likes 3 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Abati60: 8:18am On Aug 15, 2019 |
Is this government cursed? 9 Likes 8 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Npfn: 8:18am On Aug 15, 2019 |
Nawa oo |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by obojememe: 8:18am On Aug 15, 2019 |
u can imagine, one of d flops of d Gej regime, 42 Likes 5 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Orokojasper(m): 8:19am On Aug 15, 2019 |
Just a waste of money.... 4 Likes 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by money121(m): 8:19am On Aug 15, 2019 |
Ok |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by frankmoney(m): 8:19am On Aug 15, 2019 |
The power privatisation thing was a scam 46 Likes 4 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by duncan511: 8:19am On Aug 15, 2019 |
mawa |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Ferdinandu(m): 8:19am On Aug 15, 2019 |
That's the only way to go. Obviously they are failed investors. Power bills keeps increasing but no improvement in power supply. Jonathan and his gang messed up the sector with outright sale of of Discos without a precondition of retrieving it back if they fail. Now we have to spend billions of dollars to get it back. Back then they were just shouting comparison with mobile telephony up and down without putting into consideration that that the 2 businesses are far different from each other. I don't know why dunces keeps ruling us, we keep moving in diminishing circles, and yet we still live and fire prayers in all religious centres that things are going to change in this country. We are all foolish in this country. Gush 82 Likes 13 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by freekick: 8:20am On Aug 15, 2019 |
Abati60: 23 Likes 2 Shares
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| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by heryur(m): 8:20am On Aug 15, 2019 |
FG should just do the needful 5 Likes 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by unitysheart(m): 8:20am On Aug 15, 2019 |
When due diligence was not properly conducted before handing over to the discos, this is what you should expect. 37 Likes 4 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by MicroBox: 8:20am On Aug 15, 2019 |
List of the DISCOs 2 Likes |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Gazzy88(m): 8:20am On Aug 15, 2019*. Modified: 9:17am On Aug 15, 2019 |
Abati60:Why do you hate good news so much? 20 Likes 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by chinavs9ja(m): 8:21am On Aug 15, 2019 |
 It will be good if truly done as we read on paper I am a professional website designer...check my signature |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Nobody: 8:21am On Aug 15, 2019 |
Jonathan messed up big time , thank God Atiku did not win d election ..he will privatized everything . 31 Likes 3 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Nbote(m): 8:21am On Aug 15, 2019 |
obojememe: Onijagidijagan:U ppl can't stop amazing me.. I thought U guys all claimed d power sector was now beta than it has ever being and d govt itself claimed Nigerians now enjoyed steady power supply? Now help me understand how dis doesn't contradict both d govt and U lots? If d sector has improved like U ppl claim, why Dis? 38 Likes 2 Shares |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Gazzy88(m): 8:21am On Aug 15, 2019 |
Orokojasper:Explain better... 1 Like 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by hisgrace090: 8:21am On Aug 15, 2019 |
Good move! EEDC should be number one, no improvement of any kind in the south east since they take over power distribution in the area. 9 Likes 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by nafdacjoe: 8:21am On Aug 15, 2019 |
The profit realised by the disco did not meet their expectation. 1 Like 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by MondayOsunbor(m): 8:22am On Aug 15, 2019 |
ExAngel007:Failed Investors ! Buhari will spend the money public Money And convert it to family business using fronts mark my words 1 Like |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by rottennaija(m): 8:22am On Aug 15, 2019 |
It's long overdue 3 Likes 1 Share |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by Lamasta(m): 8:22am On Aug 15, 2019 |
What are they repossessing self its another way somebody or some persons will siphon public money  1 Like |
| Re: FG Will Pay ‘failed Investors’ N736bn To Repossess Discos by jlinkd78(m): 8:23am On Aug 15, 2019 |
Two steps backwards 1 Like |
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