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GenCos, DisCos Owe Banks N836bn Amid Crisis – Report

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Power generation and distribution companies owe Nigerian banks N836.09bn amid the lingering problems plaguing the sector since it was privatised over eight years ago.

This is according to the Central Bank of Nigeria’s June 2022 data obtained by The Punch.

While power generation firms and independent power producers owed banks N562.19bn, power transmission and distribution firms were indebted to the tune of N273.89bn.

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Report had it earlier in July 2020 that the core investors in the distribution companies were looking to restructure the loans advanced to them by banks for the acquisition of the power assets.

READ ALSO: Why There’s Drop In Electricity Generation – FG

In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn for the Federal Government. The Discos and Gencos were sold for $1.7bn and $1.5bn respectively.

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The Federal Government officially privatised the six successor power generation companies and 11 distribution firms that were unbundled from the defunct Power Holding Company of Nigeria.

The acquisitions by the core investors were financed mostly by debts, a significant portion of which was provided by local banks.

Recall that the crisis rocking Nigeria’s power sector seems to be expanding annually despite efforts by the Federal Government and the private sector in managing it.

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From power generation to transmission down to distribution, there have been diverse concerns, as well as in other arms of the business such as in the regulation of the industry.

These concerns have made stakeholders express doubts over the viability of the privatisation of the distribution and generation arms of the industry.

They stated that the recent takeover or re-acquisition of some power distribution companies by a Deposit Money Bank, the Asset Management Corporation of Nigeria and another investor, for instance, showed that all was not well with the Discos.

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Chris Akamnonu, who served as managing director in three Discos in the South-East and South-West for about 13 years, told The PUNCH, “The situation is more complex than the ordinary person sees. The entire experiment may not be yielding the desired results; that is the frank truth.”

In July this year, it was reported that the Federal Government alongside Fidelity Bank and AMCON had taken over the affairs of five electricity distribution companies, also known as DISCOs, over debts owed to Fidelity Bank.

READ ALSO: Energy Crisis: Blackout As Electricity National Grid Collapses Again

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The affected companies were Kano Electricity Distribution Company, Ibadan Electricity Distribution Company, Benin Electricity Distribution Company, Kaduna Electric, and Port Harcourt Electricity Distribution Company.

The companies had failed to repay loans obtained to pay for assets acquired in the 2013 privatisation exercise.

Also, the government, through its BPE, announced that with the takeover of Ibadan Disco by the AMCON, the BPE had obtained approval from the Nigerian Electricity Regulatory Commission to appoint an interim managing director for the distressed power firm.

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Grassroots To Global Podium: Edo Sports Commission Marks Enabulele’s First Year In Office

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The Indoor Sports Hall in Benin City came alive on Wednesday as the Edo State Sports Commission rolled out the drums to celebrate the first anniversary in office of its Executive Chairman, Hon. Amadin Desmond Enabulele. Management, staff, coaches and athletes gathered in an atmosphere charged with pride, reflection and optimism.

The colourful ceremony drew executives and members of various sports associations, officials of the Sports Writers Association of Nigeria (SWAN), coaches, athletes and other key stakeholders in Edo sports.

In her welcome address, the Acting Permanent Secretary of the Commission, Mrs. A. P. Amenze, praised Hon. Enabulele for what she described as focused and purposeful leadership. She said the past year had seen renewed confidence, discipline and energy return to the state’s sports ecosystem.

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Adding excitement to the event were exhibition bouts and demonstrations by the Kung Fu, Karate, Taekwondo and Judo associations, staged in honour of the Executive Chairman.

READ ALSO:2025 NYG: Enabulele Charges Edo Coaches On Performance

Speaking for SWAN Edo State, Chairman Comrade Kehinde Osagiede commended Hon. Enabulele’s open-door leadership style and consistent support for sports development. He noted that the Commission had effectively driven Governor Monday Okpebholo’s “Catch Them Young” policy through practical grassroots programmes that identify and groom young talents across the state.

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In recognition of his contributions to sports development and media relations, Comrade Osagiede conferred the Patronship of SWAN Edo State on Hon. Enabulele and presented him with a special anniversary card.

Goodwill messages followed from Executive Directors of the Commission, including Hon. Frank Ilaboya (Edo North), Coach Baldwin Bazuaye, MON (Edo South), Barr. Anthony Ikuenobe (Edo Central), and Mrs. Sabrina Chikere, Executive Director, Sports Development and Operations. Representatives of coaches, athletes and sports associations also took turns to acknowledge the progress recorded under the current leadership.

In his stewardship address, Hon. Enabulele expressed gratitude to Governor Monday Okpebholo and Deputy Governor Rt. Hon. Dennis Idahosa for the trust placed in him, noting that their backing and shared vision had driven the Commission’s achievements.

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READ ALSO:Enabulele Lauds Okpehbolo For Creating Enabling Environment For Football To Thrive

He highlighted Team Edo’s third-place finish at the 9th National Youth Games in Asaba, where the state recorded its best-ever outing with 79 medals—33 gold, 18 silver and 28 bronze—reinforcing Edo’s reputation as a national sports powerhouse.

The Chairman also pointed to the impact of inclusive and grassroots sports programmes, citing Favour Ojeabu, a visually impaired para-cyclist who won three gold medals to emerge Africa’s champion at the African Track Para-Cycling Championship in Egypt.

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Other milestones listed included outstanding performances by Edo para powerlifters on the international stage, historic achievements in cricket, weightlifting, cycling, judo and deaf athletics, as well as structural reforms such as the repositioning of Bendel Insurance FC and deeper investment in grassroots sports development.

Cultural performances added colour and tradition to the celebration, as stakeholders closed the event united in their assessment of the past year as a truly transformative period for sports development in Edo State.

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Otuaro Tasks Media On Objective Reportage

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The Administrator, Presidential Amnesty Programme (PAP) Dr. Dennis Otuaro has charged media practitioners particularly members of the Ijaw Publishers’ Forum to promote ethical journalism through their reportage.

He gave the charge in Warri on Wednesday during the 2nd Annual Ijaw Media Conference organised by the Ijaw Publishers’ Forum (IPF).

Represented by Princewill Binebai, spokesman, Ijaw Youth Council (IYC) Worldwide, Otuaro while stating that the Niger Delta stories have been told in such a way that is quite different from what is obtainable in the real sense, said this, IPF must do everything possible to correct.

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The administrator added: “I am happy that Ijaw journalists have boldly come out together to champion the Ijaw struggle in a very dynamic perspective”.

READ ALSO:IPF Hosts Media Conference, Seeks Protection For N’Delta Environment

“The Ijaw story was misrepresented over the years, but IPF’s emergence had corrected this error and the story is gradually changing for better.”

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Otuaro, however, challenged Ijaw media practitioners to be objective, truthful, accurate and fearless in their reportage to correct many years anomalies of the Ijaw struggle.

He admonished members of IPF to see themselves as brothers and love one another in the discharge of their activities to achieve a common goal.

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Police Confirm Edo Tanker Explosion, say No Casualty

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The Edo State Police Command has confirmed tanker explosions that rocked Auchi, the administrative headquarters of Etsako West Local Government Area of the state.

The Command’s Police Publice Relations Officer, Eno Ikoedem, who confirmed the incident via the phone, said the explosion occurred at about 6:30 p.m. following the fall of a fuel tanker along the road.

Ikoedem said the incident occurred on Wednesday evening at about 6:30 p.m. following the fall of a fuel tanker along the road.

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READ ALSO:Edo SSG Calls On Media To Support Govt Policies, Assures Better Welfare

She explained that spilled fuel seeped into underground tunnels, which later ignited and caused three explosions in different parts of the Auchi community.

According to her, officers from the Auchi Divisional Police Headquarters and the Area Command were mobilised to the affected areas and successfully cordoned them off to prevent loss of lives.

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She added: “No casualty was recorded. Our men on ground were able to cordoned the affected areas.”

READ ALSO:Edo Assembly Declares Okpebholo’s Projects Unprecedented

It was gathered that three separate explosions rocked the town simultaneously in different parts, which led to properties worth millions of naira destroyed.

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A resident who does not want his name in print said via the telephone that the blasts occurred along Igbei Road, Igbo Shade, and along the Auchi–Okene Road, close to Winners Junction.

The resident, who alleged the explosions appeared to have been coordinated, called for a thorough investigation into the incident to prevent future occurrences.

Calls put across to Mr. Monday Edogiawere, Chairman, Red Cross, Edo State, were not picked.

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