The former Minister of Power, Prof Barth Nnaji, has said that the 11 electricity distribution companies (DisCos) need to invest additional $7.7billion to upgrade their assets to provide the services required of them, The Nation reports.

Nnaji, also Chairman, Geometric Power Limited, said each investor would need at least $700 million, saying they require investment to the tune of seven times the cost of the purchase of the assets.

The former minister, who was the keynote speaker at the Natural Gas Business Forum organised by the Nigerian Gas Association (NGA) in Lagos at the weekend, also advised the Federal Government to surrender its 40% equity holding in the DisCos, a measure he said, will make the power sector efficient.