Connect with us


GenCos, DisCos Owe Banks N836bn Amid Crisis – Report



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.


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.

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.

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.

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


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.





[JUST IN] Alleged N33.8b Fraud: Court Grants Bail To Ex-power Minister



A Federal High Court in Abuja has granted bail to a former minister of power, Saleh Mamman at the sum of N10 billion.

In a ruling on Friday, July 12, Justice James Omotosho ordered Mamman to produce two sureties in like sum.

Justice Omotosho said each of the sureties must own a landed property worth N750 million within the jurisdiction of the court.


The judge said he needed not to produce sureties if he could provide a bank guarantee or bond to cover the N10b.

READ ALSO: JUST IN: Ex-Power Minister Collapses Outside Courtroom, Proceeding Stalled

According to the judge, the sureties are to provide evidence of tax payment for three years, while the defendant is to deposit his travel passport with the court.

The judge ordered that Mamman is to be further remanded in Kuje prison pe ding when he meets the bail conditions.


READ ALSO: BREAKING: Scores Injured As School Building Collapses In Plateau

Mamman was arraigned on Thursday on a 12-count charge, in which he was among others, accused of laundering about N33.8billion.

In the charge marked: FHC/ABJ/CR/273/2024 filed by the Economic and Financial Crimes Commission (EFCC), the ex-Minister is also alleged to have acquired property, through proxies, with looted funds.

The prosecution is scheduled to commence trial on September 25.


Continue Reading


OPINION: How I Quit Smoking (1)



Tunde Odesola

Now that my father and mother are dead and have gone to where the elderly go to rest their bones in death, I can confess my cigarette addiction. Not that either could put their hands on a Bible and vow that their firstborn was a nicotine-free teetotaler, but both card-carrying Christians thought my cigarette and alcohol use was a fleeting adolescence misstep when Satan took me up to the mountain and showed me the world, and said, “Is it not written that the earth is of the Lord and the fullness thereof; eat, smoke, drink and enjoy, son.”

My father and mother were certain their ceaseless fire-for-fire prayers and biri-biri fasting round the clock were responsible for my repentance before ‘iji aye’, the world’s whirlwind, could sweep me off in my early teenage years.


We had a cassava plantation in our Lagos backyard back in the day when I was in secondary school. One sunny afternoon, the Devil knocked on my door and I opened it. He grabbed me by my left hand and led me to the green pasture downstairs. If you ever had a cassava plantation, you would know the canopy of tranquil neatness the tall-growing slender stalks provide underneath to nourish nature.

The evil that men do to the Devil lives in their hearts. Uhm! In his irresolvable confusion, Man contemplated the whip of chastisement eternally held by the Conscience and called it the devil. Yes, the devil. Remove the definite article ‘the’ from ‘the devil’, what do you have? Devil, yes. Put a dash between ‘D’ and evil. You’ll get D-evil aka The-evil.

A global Nigerian musical star bears DBanj. The Seruabwon of Osun politics, the late Alhaji Isiaka Adeleke, was popularly called D Gov.

So, what man calls the devil is d-evil that he does. The image of a black and ugly fire-spitting creature with a long tail and a spear is a figment of the imagination.


I’m not saying there are no powers in heaven and on earth. I’m not saying there’s no God. There’s God, the Maker of heaven and the earth, and I believe in Him. I’m only saying the devil, as concocted by man, is an explanation of the force that wrestles with the truth inside the conscience. But isn’t it written that ye shall know the truth and the truth shall set ye free?

As I was saying, the fall guy we all call the devil grabbed my hand and led me to the cassava pasture backyard. He brought out a stick of Consulate cigarette, lit and gave it to me, just like it gave Eve the apple. I took a military drag. In the cigarette smoking parlance of my time, military drag was the one-time l-o-n-g drag that burns a quarter of the cancer stick called cigarette, filling your lungs fully with smoke.

MORE FROM THE AUTHOR: OPINION: President Tinubu Exposes Nigeria’s Big Thieves

As I was enjoying the cigarette the devil gave to me and was feeling giddy, I saw my mother right from where I was seated under the canopy of cassava. She couldn’t see me unless she bent to look beneath the green mat of cassava leaves. But she had perceived the smell of burning tobacco and was gearing to know where it was coming from.


I crawled further back into the plantation and sat, my unblinking gaze watching her advancing towards the cassava farm. I quickly buried the cigarette and the lighter. I couldn’t see her face which was screened off by the cassava leaves above. I could only see her lower limbs. As she got to the edge of the farm, she bent to see below the foliage and she saw her begotten son seated like Oba Efon – the Lord of the Flies.

Mo ku, mo gbe, mo dara is the lamentation of the condemned. “Kilo n se ni be yen?” she ‘innocently’ asked to know what I was doing in the underworld. “Mo n gba ategun ni; I’m resting,” I answered in a tired voice, trying to yawn.

Then I committed a forced error. I sidestepped her and went upstairs. By the time she got upstairs, the acrid smell of cigarette had overwhelmed the household on the sunny day. “Tunde!” she called out. I was in the bathroom, washing mouth and body. “Did you bring your cigarette upstairs to rest?” she inquired, adding the death sentence, “When your father comes back from work, you will explain when you started smoking to him.”

Like Joshua, I prayed for the sun to stand still because I knew if my father came back in the evening, he would beat me like the inedible snake called ejo aije. My prayer wasn’t answered. The sun didn’t stand still, it went back home to rest while my father arrived, ate and rested before giving my brain a factory reset.


My mother made me fast for seven consecutive days, choosing more than a dozen psalms for me to read each hour of the day. I fasted and prayed but I didn’t stop smoking whenever cigarettes were available. I didn’t stop smoking because I didn’t see anything wrong with it. I wasn’t an everyday, impulsive smoker. I just smoked when my hands were idle and the devil was at his workshop.

MORE FROM THE AUTHOR: OPINION: How Oluwo Of Iwo Was Jailed In The US

When I got admitted into the University of Lagos in the 80s to read Chemistry, I discovered on campus that cigarettes were part of most students’ menus. I also began to smoke after each meal. Then I graduated to smoking before each meal, before sleeping, when I woke up, when going to the toilet, when stressed, when drinking, when happy; every time.

Because I never loved the esoteric nature of Chemistry, I changed my course and university the following year. I love writing and I wanted to be a journalist. To free myself from parental control, I chose the Imo State University, now Abia State University. This was where I earned the title, Eruku Jeje, which means Billowing Smoke. It was impossible to see me without a cigarette, day or night. When fellow smoking students were looking for matches or cigarettes, they knew the room to come in Hostel B.


Under my mattress, there must be matches and cigarettes. There was honour among smokers, nobody dared steal my cigarette but you’re free to use the matches of lighters anytime.

After I finished Youth Service in the Umuopu and Aji communities of Igbo-Eze North, Enugu State, I headed back home to Lagos, and continued smoking regularly; my bird had learnt how to fly without perching, escaping my parents’ stones.

I started life as a classroom teacher. Down the line, I changed jobs and became a journalist in Lagos with PUNCH newspapers. I always had perfumes, roll-ons, and air fresheners in my laptop bag, car, apartment, everywhere. Some of my friends knew I visited in their absence when they arrived at home and perceived my signature perfumes. If you smell my fingers, you won’t perceive cigarette smoke on them because I invented the use of straw as a cigarette holder. I would tie a straw to the butt of my cigarette and I’m good to smoke without leaving a telltale sign on my fingers.

MORE FROM THE AUTHOR: OPINION: The god that cut soap for Wizkid (2)


If by a very rare oversight or error, there were no perfumes at hand in my car or bag, I would open my car bonnet, get to the carburettor, loosen one hose and get some fuel to wash my hands and rub some in my hair to smell like the car broke down and I was at the mechanic’s fixing it.

However, at a time in my bachelor life, I literally looked in the mirror and spoke to myself. “Tunde, you can’t continue this way. Is this the kind of life you want your children to inherit from you?” I asked myself. And I said to myself, “I never saw my father smoke. Why would I be the one to lead my children to smoking?”

I didn’t decide to quit smoking for health reasons. I didn’t care at the time about its health implications. I quit because I didn’t want to be the one my unborn children would see and take to smoking. Smoking is a dirty habit, I tell you.

Quitting smoking was the singular most arduous achievement in my life. It wasn’t going to the university or building a house or buying a car. It was smoking. Quitting was war. I would light a cigarette, puff on it and tears would well up in my eyes. I would throw it away only to repeat the same process hours or a day later.


Then I lifted my eyes unto the hill. I didn’t go before any pastor or imam. Each day, I spoke to myself and to the hearing of anyone who cared to listen, “I’ll stop smoking.” Many of my friends laughed, saying, “You? Devil dey go retirement?”

To be continued.

Facebook: @Tunde Odesola
X: @Tunde_Odesola

Continue Reading


Esan-born Lady Seeks Okpebholo’s Support To Replace Amputated Limb



An unemployed Esan-born auxiliary nurse and mother of one, Happy Okojie, has cried out to the governorship candidate of All Progressives Congress (APC), Senator Monday Okpebholo to come to her aid in procuring a prosthetic limb to enable her live a normal life.

Okojie, who hails from Udomi clan in Esan Central Local Government Area of Edo State, rely on the benevolence of kind-hearted individuals for sustenance.

In an interview, she said she was lucky to be alive after surviving a car accident which led to her leg to be amputated in 2010.


READ ALSO: FEC Steps Down Projects From Past Govts For Review

According to her, she decided to cry out to the APC governorship candidate, whom she calls ‘big brother’, for assistance to seek proper medical attention.

She added that having heard about his philanthropic gestures and support for the needy, she appealed to him to extend his philanthropic gesture to her.

She disclosed that, in 2012 she attended a prosthetic clinic in the United Kingdom, (UK) where she was assessed and provided with a prosthetic leg.


READ ALSO: CAC To Cancel Certificates Of BDCs With Revoked Licences

She, however, lamented that the prosthetic leg had long expired prompting her to seek for support of her kinsman and other public spirited individuals for support.

She recalled that in 2017 and 2021 Governor Godwin Obaseki supported her financially but it wasn’t enough for her to make the trip to seek for medical assistance from her doctors in the UK.

She said, “Since I had the accident that left me incapacitated, life has been difficult for me and that is why I am using this opportunity to reach out to my ‘big brother’ distinguished Senator Monday Okpebholo, (aka Akpakomiza) to enable me get proper treatment by renewing my long expired prosthetic.


“I have made several attempts to reach out to him all to no avail.”

Continue Reading