Investors in the Nigeria’s power distribution sector have kicked against the Federal Government’s plan to escrow revenue accounts of distribution companies (discos).
The investors insisted that any attempt to go ahead with this plan is tantamount to nationalization or expropriation of the DISCOs.
Executive Director, Association of Nigeria Electricity Distributors (ANED), Sunday Oduntan, said these in a statement yesterday.
In particular, relative to procurement, the DISCOs insisted that they are not aware that Nigerian Communications Commission (NCC) issues regulations to guide the internal procurements of the telecommunication companies. Likewise the Central Bank of Nigeria (CBN) and the Department of Petroleum Resources (DPR), the DISCOs stressed. They insisted: “Singularly and in aggregate, such proposed action would endanger the ability of the government to hold the discos responsible for performance, at a minimum, and at worse, amounts to government takeover of the discos. It would, absolutely, preclude further private sector investment in the sector.”
Read more at: http://www.vanguardngr.com/2017/04/power-investors-flay-fgs-plan-escrow-...