The Minister of Energy, Eng. Abu Bakr Aliyu, revealed that nine electricity distribution companies out of eleven companies are on the verge of bankruptcy, nine years after the privatization of the sector.
According to the minister, only Eko Electricity Distribution Company, Ikeja Electricity Distribution Company and Enugu Electricity Distribution Company make profits, while other companies lose.
Aliyu spoke on Tuesday in Abuja at the 11th edition of the “PMB Management Scorecard Series (2015-2023)” organized by the Federal Ministry of Information and Culture.
He revealed that the situation forced the federal government to authorize the banks to search for serious investors interested in buying 60 percent of its shares in Abuja, Kano, Kaduna, Benin, Ibadan and Port Harcourt Discos.
Nine Discos in Nigeria near bankruptcy after years of privatization – Minister of Energy