Furore over FG’s threat to escrow discos’ accounts
action that intrudes into corporate responsibilities of procurement, financial management or personnel management.”
President of Senior Staff of Electricity and Allied Companies (SSEAC), Comrade Chris Okonkwo, told our correspondent that the decision of the Federal Government to access the accounts of power distribution companies was in order. According to him, the power distribution companies have since privatization of the sector been defaulting in remitting shares of revenue to other stakeholders in the value chain.
He recalled that before privatization of the sector, all stakeholders in the power value chain get their share of the revenue and wondered why the current power distribution engaged in unnecessary campaign to deceive Nigerians with a view to cumulating profit. He added that the current efforts to escrow the discos’ account would activate the right mechanism to put in place a sustainable policy for the power sector.
Managing Director of PowerCap Limited, Mr Abiodun Ogunleye, told our correspondent that the federal government was simply pursuing the real path to ensure the growth of the value chain in the power sector.
He advised that the government needed time to carry out the planned action with a view to adding value to the growth and development of the nation’s power sector.
To a public affair analyst, Mr Gbenga Albert, the controversy between the federal government and the power distribution companies over escrow account reflects another grey area in the privatization of the power assets. He said it is unfortunate that liquidity issue is still at the front burner of the sector almost four years after the private sector took control.
According to him, what should be of paramount importance now is how to deliver Nigerians from epileptic power supply through multi-modal means.
Above all, stakeholders are of the opinion that resolving the lingering liquidity challenge plaguing the power sector would set the pace for a stable enduring sector and genuine industrialization of Nigeria.