In another attempt to end the inefficient operation of the electricity distribution chain and ownership crisis in many of the eleven Distribution Companies (DisCos), the government has decided to sell off its 40 per cent shares in the firms.
Director-General of the Bureau of Public Enterprises (BPE) Alex Okoh said the divestment will be done through Public Offerings (IPO) at the Nigerian Stock Exchange.
The planned sale of equities is also to generate funds for the Federal Government to part finance the N27.5 trillion 2024 Appropriation Bill.
The 40 per cent shares are co-owned by the Federal Government, the states and the local governments.
Also yesterday, Power Minister Adebayo Adelabu suggested the unbundling of the Transmission Company of Nigeria (TCN), the firm in charge of power transmission, but unable to wheel the bulk of generated electricity to the DisCos.
The inefficiency of the TCN is the reason the national grid regularly collapses.
Electricity Crisis: Govt To Sell Off 40% Investment In DisCos
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