Yemisi Izuora
The Bureau of Public Enterprises(BPE) has absolved Power Distribution Companies (DISCOs) from total blame on the poor power situation in the country.
The agency also said that it would take five years for power distribution and generating companies to reap requisite returns on their investment in the sector.
Mr Benjamin Dikki, the Director-General, Bureau of Public Enterprises (BPE) who disclosed this during his management visit to Eko Electricity Distribution Company as part of the Bureau’s evaluation of the privatised power entities in the country said this is because of the age long rot in the distribution networks which heightened aggregate technical and commercial losses in the system.
He said that most of the distribution and generation companies did not witness major turn-around before privatisation, absolved power investors of the current woes besetting the sector.
According to him, the fact that no power component is currently being produced locally in the power sector makes it inevitable for the investors to import same which has severe financial implications on them.
“Nigerians should sacrifice at the initial stage so that necessary investment can be made in the power sector” he said.
Dikki, however, appealed to distribution and generation companies over the inability to access the N213 billion Central Bank of Nigeria (CBN) intervention fund.
He said that CBN has disbursed part of the fund but had to stop when there was no fund, adding that Federal Government would soon finalized on the cost reflective measure to commence the disbursement.
Speaking also, Managing Director of Eko Distribution Company, Mr Oladele Amoda,said his company met a dilapidated network when it acquired the asset in Nov. 2013.
Amoda, however said his company commenced rehabilitation of the assets which saw the replacement of over 100 transformers in the first quarter of the company’s operation.
He also said his company centralised its billing system with a view to reducing power theft.
He said his company has also initiated a robust metering system which have currently benefited over 52, 000 customers in the zone.
He said his company intends to meter 400,000 customers in the zone just as he stated that the company is looking at additional 200,000 customers in the next four years.
“In four years,we want to be able to meter 600,000 customers at N52billion cost. That’s is why we planned it in phases,” he said.