Power outages in Nigeria has certainly become a part of our everyday life, going by how long we have had to grapple with the situation and unless some
Power outages in Nigeria has certainly become a part of our everyday life, going by how long we have had to grapple with the situation and unless something drastic is done, this abnormal phenomenon isn’t likely to end any time soon.
However, in the past few months, the power outage has assumed an embarrassingly high and alarming dimension with the power grid breaking down more frequently than it has ever happened over the past few years and plunging the nation in darkness for days, weeks and even months in some parts of the country.
What is worse is the blame trade that has been going on between the Minister of Power, Abubakar Aliyu, the Electricity Generating Companies and the Power Distribution Companies. No one is willing to take the blame. Worse still is the government’s unwillingness to sanction these DISCOs and GENCOs or even issue them ultimatums to do what they are meant to do. As with most issues in Nigeria, it has been business as usual.
Here is a compiled list of wealthy investors who own electricity assets in Nigeria, so people know who to channel their displeasure at with hopes that they will eventually do the needful.
The diminutive businessman who has investments in the oil and gas industry also has his tentacles spread in the power industry with his investment in Interstate Electrics Limited in charge of Enugu Electricity Distribution Company. He is the company’s chairman.
Although he is a director in West Power and Gas Limited in charge of Eko Electricity Distribution Company, Ernest is a well know investor and businessman in corporate circles. He is the promoter of Southern Sun Hotel and was a non-executive director in Finbank. However, his indebtedness to the bank in the billion range ruined the bank and forced him and other directors to be suspended by the Central Bank. The CBN gave each of the suspended directors an ultimatum to repay their outstanding debt within a specified period, failing which, they would be prosecuted and blacklisted from holding any position in any bank or financial institution. Although Charles Momoh is the founder of the company and chairman, he got replaced with Dere Otubo the chairman of Staco Insurance, SIC Property and Investment Company Limited, Staco Prime Capital Limited and Senforce Insurance Brokers. Tunji Olowolafe is also a director in the distribution company.
He is the chairman of Aura Energy Limited in charge of Jos Electricity Distribution Company.
Culled from THEWILL