Govt to sell Abuja, Ibadan, Benin, Kaduna, Kano DisCos

Published

2 years ago

April 23, 2024

Charles Flames

308 Views

The recent developments in Nigeria’s power sector are quite significant. Here’s a summary of the key points:

Sale of Electricity Distribution Companies (DisCos):

The Federal Government is determined to sell off five electricity Distribution Companies (DisCos) due to ongoing blackouts.
A $200 million non-performing metering contract awarded since 2021 has been revoked.
The DisCos’ poor performance, attributed to lack of technical expertise, has prompted the decision.
Reputable technical power operators are expected to take over within three months.
Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company are among those affected.

Efforts to Address Metering Gap:

A $200 million contract for three million meters, awarded in 2021, has been revoked due to non-delivery.
The government aims to bridge the eight million metering gap in the next four to five years using a seed capital of N100 billion and N75 billion.
Funding from the Nigerian Sovereign Investment Authority (NSIA) will support this initiative.

Challenges in the Power Sector:

The power sector faces challenges including incomplete projects, frequent grid collapses, and lack of Supervisory Control and Data Acquisition (SCADA).
Uncompleted projects, especially those involving SCADA, have been a persistent issue for over 12 years.

Response from the Senate Committee on Power:

Senators expressed concerns over the DisCos’ performance, asset stripping by some operators, and the need for penalties for such actions.
Suggestions were made to cancel DisCos licenses and potentially hand over management to new operators or even foreigners.
The Transmission Company of Nigeria (TCN) also seeks funding and support for its projects, including addressing right of way issues.

Gas Supply Constraint:

Gas shortage is a major constraint affecting power generation, exacerbating the power crisis.
DisCos are reportedly rejecting power allocation despite shortages.

Government Debt to Power Sector:

The Federal Government owes Generation Companies over N1.3 trillion and gas suppliers $1.3 billion.
The debt has led to gas suppliers refusing to provide more, further impacting power generation.

Next Steps:

The Senate Committee on Power plans to interface with the Federal Government to settle the gas debt.
The committee will focus on overseeing the completion of World Bank SCADA projects and addressing tariff reviews.

These developments reflect a concerted effort to address longstanding issues in Nigeria’s power sector, aiming to improve efficiency, address infrastructure gaps, and ensure better service delivery.

Related Topics:Benin Featured FG Ibadan Sell Abuja

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Senate confirms Oyedele as minister

During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.

Published

2 days ago

March 11, 2026

OCHEFA

53 Views

The Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance.

His confirmation comes after two hours of screening as lawmakers grilled him on various aspects of the economy.

Oyedele’s screening followed a motion moved by Opeyemi Bamidele, the Senate leader, after he called for the suspension of the Senate rule to allow strangers to come into the chamber.

During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.

Oyedele was escorted to the chamber by Bashir Lado, the Special Adviser to the President on the National Assembly ( Senate), alongside others.

His screening followed President Bola Tinubu’s letter to the Senate on Tuesday, requesting his confirmation as a minister.

Tinubu had, on March 3, nominated Oyedele, who currently serves as chairman of the presidential committee on fiscal policy and tax reforms, as Minister of State for Finance.

Tinubu appoints Lamido Yuguda as CBN’s Deputy Governor

Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.

Published

2 days ago

March 11, 2026

OCHEFA

60 Views

PRESIDENT Bola Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN)

The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.

This was disclosed on Wednesday by the presidential spokesman, Bayo Onanuga.

The President charges Yuguda to discharge his responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth.

Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.

He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy.

In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.

He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.

He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN.

He retired from the CBN in 2016, after he had served as Director of the Reserve Management Department for six years.

JUST IN: IGP Disu Assigns Portfolios to New DIGs

DIG Zachariah Fera Achinyan has been deployed to Legal Services, DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.

Published

3 days ago

March 10, 2026

OCHEFA

85 Views

The Inspector-General of Police (IGP) Olatunji Disu has assigned the new Deputy Inspectors -General of Police (DIGs) their duties responsibilities.

Sources said that the DIGs were assigned departments based on their areas of competence.

DIG Zachariah Fera Achinyan has been deployed to Legal Services,

DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.

Similarly, DIG Margaret Agebe Ochalla has been posted to the Force Criminal Investigation Department (FCID);

DIG Mohammed Abdul Sulaiman to Finance and Accounts; DIG Kenechukwu Onwuemelie will oversee the Force Intelligence Department (FID); DIG Fayoade Adegoke will head Information and Communication Technology, while DIG Umar Shehu Nadada has been posted to Operations departments.