pre-paid-electriciBarely 20 days after the official handing over of the Power Holding Company successor firms to the owners, some indigenous service companies, including banks have continued to evaluate each of the new firms with the aim of taking advantage of viable opportunities therein.

The Guardian investigation revealed that some of the electric meter manufacturers are now making moves to secure contracts from the new firms, a scheme which is expected to ease the challenges of meter installation for consumers.

Electricity consumers in the past had laid complains about delay in securing the prepayment meters, which is ordinarily expected to take not more than 40 days before installation.

Such move had culminated into the Credit Advance Payment for Metering Installation (CAPMI) system launched by the Ikeja Electricity Distribution Company recently, where about six meter manufacturing firms were endorsed to implement the programme.

However, the financial institutions may have found solace in the privatisation programme, as they expressed optimism to invest in the sector.

Among the list of banks, Ecobank Plc has also indicated significant interest in supporting the new investors toward effective financing of the power plants.

The bank is among the new generation banks that scaled the recapitalisation hurdle, and has since foothold in the energy sector investment support.

Stakeholders believed that it was high time for the new owner to take advantage of the progressive partnership deeds to re-shape the archaic electricity facilities operating in the per-privatisation era.

An indigenous investor, who preferred anonymity told The Guardian that, “any patriotic and business-minded Nigerian should see the opportunities coming. In the past, privatisation is believed to be another political gimmick of converting national assets, but what we have seen in this case is a brighter future.  I believe there are opportunities to be exploited, and think indigenous service firms should see them now,”

Poor outages have been a major brake on growth in Nigeria, pushing up the cost of business for manufacturers, thus making the country uncompetitive as an investment destination for industry. This is despite a population of over 160 million people, making the country one of the world’s largest untapped frontier markets.

Vice President, Nnamadi Sambo had during the handing over said the Federal Government is expecting additional N6 trillion investment from the new private investors.

He said government had already realised N425.830 billion from the sale of the distribution and generation companies, adding that it had also got commitment from the investors to bring additional investment into the power sector.

It will be recalled that, the Chairman, NEDC/Kepco Consortium, Kola Adesina, after receiving the certificate of handover promised improved service delivery through a new technology inclined power distribution system.

The New Electric Distribution Company, NEDC/Kepco Consortium took over Egbin Generation Company and Ikeja DISCO, West Power and Gas took over Eko DISCO, Intergrated Energy Limited took over Ibadan DISCO, Interstate Elecrics Limited took over Enugu DISCO, Mainstream Energy is the new owner of Kainji electric, Kann Utility Consurtium owns Abuja DISCO, while Aura Energy Limited is the new owner of Jos DISCO, among others.


[The Guardian]