{"id":33542,"date":"2022-07-07T07:16:57","date_gmt":"2022-07-07T07:16:57","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=33542"},"modified":"2022-07-07T07:16:57","modified_gmt":"2022-07-07T07:16:57","slug":"well-ensure-changes-in-discos-dont-disrupt-service-fg","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/07\/07\/well-ensure-changes-in-discos-dont-disrupt-service-fg\/","title":{"rendered":"We\u2019ll ensure changes in DisCos don\u2019t disrupt service\u00a0 \u2013 FG"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\">\n<p class=\"entry-title\">The Minister of Power, Mr Abubakar Aliyu has revealed that the ministry will ensure that the changes in corporate governance do not impact the service and stability of the\u00a0 Distribution Companies (DisCos).<\/p>\n<\/header>\n<div class=\"entry-content\">\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\">Mal Isa\u2019 Sanusi, Special Adviser on Media to the Minister of Power, made this known in a statement in Abuja on Wednesday.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">According to Sanusi, the minister had reassured electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Programme.<\/div>\n<div dir=\"auto\"><\/div>\n<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">He said that the minister had been briefed by the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2021\/12\/06\/abuja-electricity-distribution-company-apologises-to-consumers-over-workers-strike\/\"><strong>Nigerian Electricity Regulatory Commission (NERC)<\/strong> <\/a>and Bureau of Public Enterprise(BPE)<\/div>\n<div dir=\"auto\">on the recent events relating to<\/div>\n<div dir=\"auto\">corporate governance in Kano, Benin, Kaduna, lbadan and Port Harcourt DisCos.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Sanusi said that the event had necessitated a change in the respective Board of Directors and Management of the DisCos.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to him, the changes announced was as a result of the receivership of the core investors in Kano, Benin, Kaduna and lbadan DisCos.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201dWhereas the actions in Port Harcourt DisCo are sought to provide much needed liquidity and prevent the insolvency and risk of collapse of the utility in implementing the changes.<\/div>\n<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Sanusi affirmed that while the\u00a0 Government continue to hold a 40 per cent equity stake in all the DisCos.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201c The utilities are still private sector led \u201cgoing concerns\u201d falling under the<\/div>\n<\/div>\n<div dir=\"auto\">provisions of the COMPANIES AND ALLIED MATTERS ACT (CAMA) and subject to regulation by the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/15\/nigerians-to-enjoy-improved-power-supply-from-july-1-nerc\/\"><strong>Nigerian Electricity Regulatory Commission (NERC).<\/strong><\/a><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201d The ministry had received a confirmation from the Bureau of Public Enterprise (BPE) and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201dThe financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u2018It is therefore expected that clear timelines for exit of the banks would be prescribed by the regulators as and when appropriate,\u201d he said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Fidelity Bank said it planned to take over the boards of Kano, Benin and Kaduna Distribution Companies (DISCOs) and to collateralize their shares.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p>The Director-General of\u00a0 BPE, Alex Okoh, and the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba said this in a joint statement on Wednesday in Abuja.<\/p>\n<p>\u201cToday, we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DISCOs.<\/p>\n<p>\u201cThey have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Power, Mr Abubakar Aliyu has revealed that the ministry will ensure that the changes in corporate governance do not impact the service and stability of the\u00a0 Distribution Companies (DisCos). Mal Isa\u2019 Sanusi, Special Adviser on Media to the Minister of Power, made this known in a statement in Abuja on Wednesday. According [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":33556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[7],"tags":[181,3056],"class_list":["post-33542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-federal-government","tag-nigerian-electricity-regulatory-commission-nerc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We\u2019ll ensure changes in DisCos don\u2019t disrupt service\u00a0 \u2013 FG &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/07\/07\/well-ensure-changes-in-discos-dont-disrupt-service-fg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019ll ensure changes in DisCos don\u2019t disrupt service\u00a0 \u2013 FG\" \/>\n<meta property=\"og:description\" content=\"The Minister of Power, Mr Abubakar Aliyu has revealed that the ministry will ensure that the changes in corporate governance do not impact the service and stability of the\u00a0 Distribution Companies (DisCos). Mal Isa\u2019 Sanusi, Special Adviser on Media to the Minister of Power, made this known in a statement in Abuja on Wednesday. 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