The Federal Government has vowed to sell off the five electricity Distribution Companies (DisCos) as the blackout persists.
A $200m non-performing metering contract awarded in 2021 has been revoked by the Federal Government.
Minister of Power Adebayo Adelabu said banks and the Asset Management Company (AMCON), which have been managing these DisCos, having taken over because of the failure of the management to repay loans, lack the technical capacity.
The sale to reputable technical power operators is expected to be completed within three months, he added.
Those affected are Abuja Electricity Distribution Company (AEDC) under the management of the United Bank of Africa (UBA), Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company managed by Fidelity Bank, Ibadan Electricity Distribution Company (IEDC) is under the AMCON management.
Investors hold 60 per cent of shares in the DisCos. The Federal Government holds the remaining 40 per cent.
Blackout has persisted in most states with DisCos blaming low allocation from the national grid and gas shortages to generating companies (GenCos) as the causes, among others.
Consumers are lamenting that the epileptic power situation has worsened since January.
Adelabu spoke while hosting the Senate Committee on Power at his office in Abuja.
