EFCC, ICPC, FIRS move against DISCOs

The anti-graft agencies – Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practice and Other Offences Commission (ICPC) – as well as the Federal Inland Revenue Service (FIRS) have launched an onslaught on the 11 distribution companies (DISCOs) in Nigeria, New Telegraph has learnt.

Specifically, this newspaper gathered that the trio had, over the past few weeks, sought a forensic audit of the DISCOs’ financials for the past five years when they took over power assets of the defunct Power Holding Company of Nigeria (PHCN).

The assets were, on Friday, November 1, 2013, handed over to investors who had coughed out $1.2 billion (N427 billion).

The dotted lines were signed, which among other things, promised to rescue millions of Nigerians from the jaws of epileptic power supply, decayed infrastructure, crazy billing and other vices that characterized the PHCN years.

New Telegraph, September 17, 2018

 

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