Banks, AMCON must resale Discos to utility operators – Power Minister

The Minister of Power, Adebayo Adelabu, has said that banks and the Asset Management Corporation of Nigeria, AMCON, are not permitted to operate distribution companies.

Recall that AMCON and commercial banks in the country had taken over some power distribution companies who are their debtors.

The minister, speaking at the Ministerial Sectoral Updates on Friday, said non-power operators are not permitted to operate distribution companies.

“It should not be permitted for non-power operators to operate distribution companies. If the banks and AMCON are taking over their debtors it should only be temporary,” he said.

“They’re expected to have made the move for a resale to a pure utility operative company. This has dragged on for so long and we’ve given them a deadline within which this must be transferred to true technical operators in the power sector.

“We’re going to monitor this and track it to ensure that these discos have been sold to pure technical operators,” he added.

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