Vigeo Power Limited, the new owner of the Benin Electricity Distribution Company Plc has advocated for the criminalisation of electricity theft and application of appropriate penalties for recovering lost revenue arising from theft.
Speaking in Benin, Edo State when he was handed over the Benin Disco at the weekend, the Chairman of Vigeo Power Limited, Victor Gbolade Osibodu also called on the Federal Government to ensure prompt release of the subsidy contained in the Multi Year Tariff Order (MYTO) model for each of the 11 Discos.
Osibodu harped on the need for adequate funding of the Transition Company of Nigeria (TCN) to ensure that the agency could adequately evacuate power produced for delivery to Discos.
He said approving a framework for Private – Public Partnership options to fund some TCN projects would also be a viable option.
Osibodu stated that in order to achieve a smooth transition and attain the desired successes of privatisation, the government should create regulatory certainty with a well defined and predictable tariff methodology. He added that the conclusion of payment of workers severance benefits and pension would guarantee a stable working environment.
He noted that the physical handover of the Benin Electricity Distribution Company to Vigeo Power Ltd, as the 60per cent core investors, was an epic occasion and commended President Goodluck Ebele Jonathan for the political will and commitment he demonstrated in the privatisation exercise.
Information from The Nation was used in this report.