Tony Elumelu

Epileptic Power Supply: Elumelu Labels Discos Incompetent, Calls For New Investors

The Chairman, United Bank for Africa Plc and Transnational Corporation Plc, Mr. Tony Elumelu has decried the debilitating effect of power sector failure on the nation’s economy due to incompetency of private electricity distribution companies. He suggested that the Federal Government should take another look at the sector by wresting ownership from incompetent private operators […]

Anxiety mounts as Discos plan 46% hike in electricity tariff

Electricity consumers serviced by the nation’s 11 Distribution Companies (Discos) may soon be on collision course with the power vendors over impending moves to increase energy tariff by about 46 per cent, amidst worsening power supply. The looming stand-off comes as  the 11 Discos across the country have written the Nigerian Electricity Regulatory Commission (NERC), seeking […]

Fed Govt, DISCOS clash over revenue accounts

Electricity distribution companies (DISCOS) are kicking against the Federal Government’s plan to centralise their revenue accounts. The decision is being taken by the Federal Government because of the DISCOS’ poor monthly remittances. In a statement yesterday, the Association of Nigerian Electricity Distributors (ANED) said such a move amounts to the nationalisation of the DISCOS, which […]

GENCOs, DISCOs, TCN heighten blame game over poor electricity supply

Players in the  electricity sub-sector, generation companies, GENCOs, distribution companies, DISCOs and Transmission Company of Nigeria, TCN, have continued to trade blames over the worsening electricity supply situation in the country. In the latest blame game, the GENCOs said the DISCOs are unserious on their mandate, while also accusing TCN of inability to transmit electricity […]

CBN Lists Sanctions Against Banks Over Power Intervention Fund

CBN Lists Sanctions Against Banks Over Power Intervention Fund As Nigerians continued to grapple with incessant power-outage, the Central Bank of Nigeria (CBN) has spelt out sanctions to Deposit Money Banks participating in the disbursement of the N213bn Nigeria Electricity Market Stabilisation Facility, otherwise called power sector intervention fund. The sanctions were contained in a […]