Minister of Power, Adebayo Adelabu, disclosed that the Federal Government (FG) has commenced the unbundling process for 11 electricity distribution companies (DisCos) along state lines. The minister who made this disclosure while hosting the Senate Committee on Power, led by their Chairman, Senator Eyinnaya Abaribe, in Abuja on Monday, stated that the reason for the unbundling is for better efficiency.
Adelabu added that the privatization of firms would not be reversed, but the DisCos would be broken into more efficient structures along state lines. He also revealed that over 100 projects of the Transmission Company of Nigeria (TCN) have not been completed since 2001, a period of about 23 years.
The minister also revealed that the Federal Government would sell off the 5 DisCos under the management of banks and the Assets Management Corporation of Nigeria (AMCON) within the next 3 months to technical power operators. The 5 DisCos include the Abuja Electricity Distribution Company, which is under the management of the United Bank of Africa (UBA), the Benin Electricity Distribution Company, the Kaduna Electricity Distribution Company, and the Kano Electricity Distribution Company, which is managed by Fidelity Bank and the Ibadan Electricity Distribution Company, which is under the AMCON management.
