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Reps Demand N500bn Capital Base for DisCos to Ensure Efficiency – Ravenewsonline

DisCos

House of Representatives has called on the Federal Government to enforce a minimum capital base of N500 billion for electricity distribution companies (DisCos) to continue operations.

The lawmakers argue that only financially robust DisCos can ensure efficient service delivery and maximum consumer satisfaction.

This resolution was passed during Wednesday’s plenary following a motion by Ibrahim Isiaka, a representative from Ogun State.

Isiaka criticized the current operations of DisCos, describing their actions as a threat to the economic stability and welfare of Nigerians.

He highlighted consumer complaints regarding the replacement of electricity meters, noting that DisCos often demand additional payments despite consumers already financing the installation of meters.

Isiaka expressed concern over the financial burden this places on households and businesses struggling with economic challenges.

The motion also raised issues of consumer trust, alleging that DisCos operate with impunity and disregard for consumer rights, despite oversight from the regulatory authorities and the House Committee on Power.

The lawmakers unanimously adopted the motion through a voice vote conducted by Speaker Tajudeen Abbas.

They urged the Ministry of Power to take immediate steps to address the “reckless actions” of DisCos, labeling them as non-state actors threatening Nigeria’s economy.

The House further mandated the recapitalization of DisCos to a minimum of N500 billion, insisting that only financially capable operators should be allowed to continue providing electricity services.

Additionally, the House Committee on Power was directed to investigate the activities of DisCos to ensure accountability and protect consumer rights.

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