The Minister of Power, Chief Adebayo Adelabu, has said that the federal government would sell off the five electricity Distribution Companies (DisCos) now under the management of banks and Asset Management Company (AMCON) in the next three months to reputable technical power operators.

Adelabu disclosed this to the members of the Senate Committee on Power who were on an oversight visit to the ministry in Abuja.

The Minister added that the energy distribution assets are technical and as such, they should be under the management of technical experts.

As it stands, Abuja Electricity Distribution Company (AEDC) is currently under the management of the United Bank of Africa (UBA), Fidelity Bank manages Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company while Ibadan Electricity Distribution Company is under the AMCON management.

They all found themselves under the new management arrangement owing to their inability to repay their loans.

He informed the committee that tough decisions on the DisCos have become necessary because the entire Nigerian Electricity Supply Industry (NESI) fails when they refuse to perform.

According to him, the ministry will prevail on the Nigerian Nigerian Electricity Regulatory Commission (NERC) to revoke underperforming licenses and also change the management board of the DisCos if it becomes the solution.

Adelabu said, “Lastly, on distribution. Very soon you will see that tough decisions will be taken on the DisCos. They are the last lap of the sector. If they don’t perform, the entire sector is not performing.

“The entire ministry is not performing. We have put pressure on NERC, which is their regulator to make sure they raise the bar on regulation activities.

“If they have to withdraw licenses for non-performance, why not? If they have to change the board of management, why not?

“And all the DisCos that are still under AMCON and Banks, within the next three months, they must be sold to technical power operators with good reputations in utility management.

“We can no longer afford AMCON to run our DisCos. We can no longer afford the banks to run our DisCos. This is a technical industry and it must be run by technical experts.”

The Minister also noted that it has become necessary to reorganise the DisCos for efficiency.

He stressed that Ibadan DisCo is too large for one company to manage.

…Operational vehicles damaged

…54 trucks impounded for illegal parking

Five miscreants have been arrested for assaulting and injuring LASTMA personnel during an enforcement operation in the Oba Akran Avenue area of Ikeja, Lagos and the state government has finalised preparations to prosecute them

Firector of Public Affairs and Enlightenment of LASTMA, Mr. Adebayo Taofiq, disclosed this in a press statement made available to journalists on Thursday.

According to him, April 23, LASTMA operatives conducted an operation to remove illegally parked Viju Milk trucks on Oba Akran Avenue in response to numerous complaints from the public about the trucks causing traffic congestion.

During the operation, four LASTMA officers sustained serious injuries from weapons wielded by Viju Milk truck drivers and local miscreants.

“While LASTMA operational vehicles were vandalised, 54 Viju Milk truck were evacuated by LASTMA during the enforcement operations.”

He said, “The police, working alongside LASTMA, arrested five of these individuals namely: Falomo Oluwafemi, Afeniyi Stephen, Olamide Adekunle, Chukwu Guaja Eze and Adeshina Sulaimon, seized various weapons including broken bottles, iron rods, charms, knives, and cutlasses.”

The injured LASTMA officers were promptly taken to the hospital for medical attention.

Hon. Sola Giwa, the Special Adviser to the Governor on Transportation, stated that the arrested individuals would be prosecuted by the government as a deterrent to others.

…Civil servants to benefit in first phase

By Grace Olatundun

The Federal Government of  Nigeria has kicked  off the N100 billion Consumer Credit Scheme for Nigerians as a tool to alleviate the escalating economic hardship in the country.

In a press statement on Wednesday by the President’s spokesperson, Ajuri Ngelale, he disclosed that interested Nigerians are expected to visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.

The President noted that the “consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life. The increased demand for goods and services also stimulates local industry and job creation.”

The President stated further that every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” the statement read.

Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.

He said the President’s Chief of Staff, Femi Gbajabiamila, will lead a committee that includes the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.

In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, said the Nigerian government would unveil its proposed N100 billion consumer credit loan in a few days.