16 October 2017, Sweetcrude, Lagos – Vice-President Yemi Osinbajo has spoken against the call for the government to recapitalise the nation’s power sector.
He made the disclosure at the plenary session of the just-concluded 23rd Nigerian Economic Summit in Abuja.
The Chairman of Heirs Holdings and an operator in the power sector, Mr. Tony Elumelu, had at the same event called for the government to inject additional funds to the sector.
He said the government should increase its stakes up to 60% and then sell it to capable investors with money and expertise to turn the sector around.
But Osibanjo said this was unnecessary, maintaining that operators should transfer ownership to other investors if they could not sustain their facilities.
Also speaking on the power sector, President Muhammadu Buhari recently said the government was interested in taking another look at the privatisation exercise in the sector to see what could be done to tighten up loopholes and create optimal benefit for all stakeholders.
He said the review would effect changes in the ownership structures of Discos such that operators who could not sustain their facilities, relinquish their stakes to capable investors.