contact@okay.ng




News

FG Bans Companies, Individuals From Buying Transformers

FG Bans Companies, Individuals From Buying Transformers - OkayNG News

transformers

The federal government has ordered electricity Distribution companies (Discos) to stop customers from buying .

The Minister of Power, Works and Housing, Babatunde Fashola, issued the order when he received the new Managing Director of Abuja Electricity Distribution Company (AEDC), Mr Ernest Mupwaya, yesterday.‎

He said: “Private purchase of transformers must stop because that is the responsibility of the Disco and that is what will bring confidence that the system is working.”

On liquidity challenges, Mupwaya said that since the Disco could not post a Letter of Credit (LC) with the Nigerian Bulk Electricity Trading Plc (NBET), it could not benefit from the Central Bank of Nigeria (CBN) power fund to boost its investments.

“We seek the minister’s ‘No Objection’ to use a portion of the MDAs debts as collateral for the LC,” Mupwaya said.

In his response; Fashola explained that: “We need to verify some of the debts and stratify who owes what and who is owed what.”

He urged AEDC to provide information to speed up the process.

Read More Latest News and Updates HERE

Get free jobs and make dollars with bigger companies - APPLY HERE


Follow us on Twitter: @OkayNigeria.


Farouk Mohammed
the authorFarouk Mohammed
Chief Editor
Farouk Mohammed is a Senior Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng

Leave a Reply