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Sell out if you can’t run the business – Osinbajo tells DISCOS

By on October 11, 2017

Vice President, Prof. Yomi Osinbajo has told the electricity distribution companies (DISCOs) to invest and run their businesses profitable or sell to those who can, if they are not able to manage them.

The Vice President was responding to a call by Mr. Tony Elumelu, the Chairman Heirs Holding Limited at the ongoing Nigerian Economic Summit Group, NESG that the federal government should reinvest in the DISCOs.

Prof. Osinbajo said the federal government doesn’t have the capital to reinvest in the distribution companies adding that the owners should look for ways to attract more capital to their businesses.

The FG has some 40 percent equities in the 11 DISCOS while the DISCO owners have 60 percent equity.

The 23rd Nigerian Economic Summit jointly organized by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and National Planning.

Mr. Elumelu was participating in the opening plenary of the summit with His Excellency Professor Yemi Osibanjo, and GE Vice Chairman, Mr. John Rice.

The plenary topic is: Opportunities, Productivity and Employment: Actualising the Economic Recovery and Growth Plan.