Ibadan-born businessman and publisher of The Street Journal Magazine, Mogaji Wole Arisekola has urged President Bola Tinubu to dissolve all Electricity Distribution Company (DisCos) managements in Nigeria and bring in new investors who will show strong commitment and patriotism to the administration’s renewed hope agenda in the power sector. He urged the Federal Government to reverse the privatization of the nation’s power sector, describing new owners of the privatized companies as selfish individuals who have contributed poorly to the sector in the eleven years of their existence within the energy space.
Arisekola, a public affairs analyst who is also the National Chairman of the Association of Online Media Practitioners in Nigeria, (AMPCON), accused the current owners of the DISCOS of deceiving the Federal Government in their policy implementations and strategies, insisting that they have continued to impoverish Nigerians, leaving the country pillaged. He claimed that; the activities of the new owners were part of the reasons why the power sector has almost gone comatose and the impoverishment of the average Nigerian who is currently battling with hunger and other socio-economic challenges.
Arisekola made this known during a chat with some senior energy correspondents on Monday, April 8, 2024, at a popular hotel in Victoria Island, Lagos, in the company of members and executives of AMPCON where he averred that; Nigeria cannot continue indulging a few individuals who called themselves investors pull the wool over our eyes, while offering Nigerians is total darkness. “This is unacceptable and must be stopped forthwith. All Discos’ management should be dissolved to usher in new investors. None of the Discos have invested in repairing old, depleted equipment from the NEPA era. They rely solely on subsidies and profit from the limited power they distribute to consumers. New investors must demonstrate financial capacity to invest in providing transformers, repairing old, dead-tension wires, and ensuring efficient power distribution. While power generation is no longer the main issue, distribution and transmission must be addressed. Nigerians are willing to pay for the power they consume, but they oppose paying for darkness. It often takes days for Discos to rectify faults that should be fixed within minutes.”
He further added that; Laxity and operational deficit have destroyed many businesses, making many manufacturers close shops in the country. I agree absolutely that there is a need for more power and increased output, more introduction of service providers, all these will pave the way for healthy competition, and it will even bring down the unit prices ultimately.
“We have forgotten we once bought SIM cards in this country for N30,000! Today it’s free. The telecom companies are devising all manner of packages to keep their customers. For now, it is arguably the seller’s market. Arbitrary pricing in my view would be obliterated.”
While suggesting further alternatives to the Government which will essentially help boost power efficiency in the country, Arisekola said: “Nigeria is endowed with abundant energy resources, both conventional and renewable, which can potentially provide us with what can cater to our needs. Electricity generation in Nigeria has experienced major setbacks for many decades despite our abundant resources that could earn us energy independence, we truly need to change the narrative to our positive and fruitful advantage as a serious-minded nation.
“For example, Northern Nigeria can be powered by solar and South Eastern part by coal, South South has enough gas to power their homes while South West can invest in hydro and solar. I believe our listening President and his committed and visionary economic team can look in this direction so that there will be power efficiency that can satisfy the demands of the citizenry which can seamlessly cater to their industrial, commercial and domestic needs.”
