The Chairman, United Bank for Africa Plc and Transnational Corporation Plc, Mr. Tony Elumelu, has asked the Federal Government to take another look at the power sector by wresting ownership from incompetent private operators and sell the firms to new owners who are capable of successfully running them.
He made the call in Abuja on Tuesday at the ongoing 23rd Nigerian Economic Summit.
Elumelu stated that in as much as some existing investors might not like the idea, the government could not continue to allow the electricity distribution companies to hold the nation down with inefficient power distribution.
He called for the recapitalisation of the firms and asked the Federal Government to increase its stake from the current 49 per cent and sell the controlling shares in each of the Discos to new investors, adding that the current operators had become obstacles to the realisation of the nation’s power capacity goal.
Elumelu stated, “Our people are very…