Unhappy with the poor performance of electricity Distribution Companies (DisCos), the government plans to change its approach to the funding of the 11 firms.
It was learnt that none of the DisCos has paid any dividend to the Federal Government, despite owning a 40 per cent stake.
Besides, the government has injected not less than $1.25 billion in the last 12 years into the DisCos operations, apart from other interventions running into billions of naira.
Despite these, the electricity supply remains epileptic. It was learnt at the weekend that the lack of returns led the government to strip the Bureau of Public Enterprises (BPE) of its authority over its shares in the DisCos.
The Ministry of Finance Incorporated (MOFI), which is by law mandated to manage government assets, is now to take charge of the government’s 40 percent stake in the DisCos.
A Ministry of Finance official made the government’s deep frustration known at the weekend.
“Since 2012, not a single dividend has been paid,” he lamented, highlighting the disparity between financial support and tangible benefits.
