As blackout and inefficiency persist in the power sector across the country, the Federal Government has ordered the sale of five electricity Distribution Companies (DisCos).
The sale of the DisCos to reputable technical power operators is expected to be completed within three months.
The affected DisCos are: Ibadan Electricity Distribution Company (IBEDC), Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company (KAECO) and Kano Electricity Distribution Company (KEDCO).
The Asset Management Company (AMCON) and some banks have taken over the management of the DisCos because of their failure to repay loans to the financial institutions.
IBEDC is under the management of AMCON. AEDC is being run by the United Bank of Africa (UBA). Fidelity Bank manages BEDC, KAECO and KEDCO.
While the investors hold 60 per cent of shares in the DisCos the Federal Government holds 40 per cent.
Peoplesmind