We’ll Consult Nigerians Before Selling 40% Stake In Discos’

Minister of Power, Works and Housing, Mr. Babatunde Fashola.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said the Federal Government will consult Nigerians before going ahead to sell its 40 percent stake in the Electricity Distribution Companies.


Fashola stated this on Thursday in lagos at a policy dialogue on the power sector organised by the Lagos chamber of commerce and industry.


The Federal Government had in November 2013 sold 60 percent of its interest in the discos to private investors during the privatisation of the successor generation and distribution companies carved out of the defunct Power Holding Company of Nigeria.


‘’As for our own 40 percent [in the discos], people have asked me, ‘Is the Government willing to sell? And my answer is that i can’t hypothecate; But if we see an offer on the table, we need cash. And those assets are held for the people of Nigeria . The same people of nigeria who said ‘Dont sell our refineries., but if there is an offer on the table, we will come back to the people of Nigeria and say, ‘Look should we deal or not deal? ‘’