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BPE briefs presidency on takeover of Kaduna, Kano, 2 other DISCOs

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BPE says privitisation has freed up $3bn consumed by public enterprises annually

The Director-General of the Bureau of Public Enterprise (BPE), Alex Okoh, on Sunday briefed the National Council of Privatization (NCP) on the takeover of Kaduna and three other electricity distribution companies.

Okoh, according to a statement issued by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, spoke at the NPC’s virtual meeting monitored in Abuja.

Vice President Yemi Osinbajo, who is the chairman of the NCP, was represented at the meeting by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

The other three distribution companies are Kano, Ibadan, and Port Harcourt.

Okoh added that the takeover of the four companies had been successfully concluded while the challenge on the takeover of Benin DISCO was being addressed.

READ ALSO: Banks take over shares of five indebted DisCos, after failure to repay loans, appoint new MDs

He also briefed the NCP on the concession of the Zungeru Hydroelectric Power Plant and asked the council to note steps taken by the BPE to fast-track the process.

The BPE chief presented for approval, a proposal to amend the bureau’s procedures manual.

Fidelity Bank took over the management of the four DISCOs and appointed new board members in July.

In a statement issued at the time, the BPE described Fidelity Bank’s takeover of the DISCOs as a “contractual and commercial intervention” toward their restructuring.

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