Discos: What review ordered by NEC says – Presidency
The Presidency on Friday made clarifications on what the proposed review of the ownership structure of the power distribution companies in the country implies.
The National Economic Council had given approval for the review at its meeting held on Wednesday in Abuja.
The Presidency said the meeting, which was presided over by Vice President Yemi Osinbajo, did not say the Federal Government was about to take over the Discos.
It explained that the review was to establish the stakes of the 36 states in the 40 per cent government shares retained in the power firms as of the time they were privatised.
“For the purposes of clarity and accurate records, the only issue which came up for discussions at NEC yesterday (Thursday) was about the quantum of state governments’ interests, if any, in the 40 per cent shares retained by the Nigerian Government in each of the Discos at the point of privatisation.
A committee was then constituted to review historical records and advise the council accordingly,” Osinbajo’s media aide, Mr Laolu Akande, stated in Abuja.
The review will be done by an ad hoc committee chaired by the Governor of Kaduna State, Mr Nasir el-Rufai.
Governors representing the six geo-political zones on the board of the Niger Delta Power Holding Company will serve on the review committee