Wednesday, 11 October 2017

OSINBAJO CHALLENGES DISCOS OWNERS TO INJECT MORE CAPITAL OR DIVEST FROM THE BUSINESS

Professor Yemi Osibanjo
The Vice President of the Federal Republic of Nigeria, Professor Yomi Osinbajo, has told the electricity distribution companies (DISCOs) to invest and run their businesses profitable or sell to those who can, if they are not able to manage them.

Professor Osibanjo made this assertion while responding to a call by Mr. Tony Elumelu, the Chairman Heirs Holding Limited at the ongoing Nigerian Economic Summit Group (NESG) that the federal government should reinvest in the DISCOs. According to the Vice President, the federal government doesn't have the capital to reinvest in the distribution companies and that the owners should look for ways to attract more capital to their businesses. The federal government has some 40 percent equities in the 11 DISCOS while the DISCO owners have 60 percent equity.

The 23rd Nigerian Economic Summit was jointly organized by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and National Planning. Mr. Elumelu was participating in the opening plenary of the summit with His Excellency Professor Yemi Osibanjo, and General Electric Vice Chairman, Mr. John Rice.

The plenary topic is: Opportunities, Productivity and Employment: Actualising the Economic Recovery and Growth Plan.