18 August 2016, Sweetcrude, Abuja – The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the prevalence of sub-standard electricity equipment in the country was as a result of greedy investors, even as he warned that the federal government would not allow profiteering in power investments, except for reasonable marginal profits.
Fashola, who spoke in Abuja while receiving the Acting Executive Secretary, Nigerian Investment Promotion Commission, (NIPC), Hajia Ladi-Sule Katagum, noted that the power sector was earlier dominated by businessmen with more interest in profit than providing the requisite services.
This, he argued, had been responsible for the proliferation of sub-standard equipment and materials, policy somersaults, lack of consumer-centred interests, no data to aid planning and lack of professionalism and concerted efforts in doing things right.
The minister said government was determined to protect the interest of customers and would also allow reasonable margin as profit.
“No government will allow excessive profiteering,” he said as he enjoined businessmen to be thorough, well informed, knowledgeable and follow the law and laid down procedures.
Fashola said intending investors in power plants must go through the legal measures, starting from the Nigerian Electricity Regulatory Commission (NERC), where they are expected to get appropriate permits and licences after which they are to approach the Nigerian Bulk Electricity Trading Company (NBET) for Power Purchase Agreements (PPAs).
Earlier, Hajia Ladi-Sule Katagum said the visit was to develop a framework on the “Ease of doing Business Modus” through interaction with the main drivers of the sector.
She added that the NIPC was working to shorten the processes of getting projects on track.