Business
Senate to Propose Bill On Power Installations’ Vandalism
The Senate Committee on Privatisation, has pledged to liaise with its House of Representatives counterpart to propose a bill to address power losses through vandalism, theft and other criminal acts by unscrupulous elements.
According to a statement by Mr Alex Okoh, Head, Public Communications, Bureau of Public Enterprises (BPE) in Abuja yesterday, the committee Chairman, Sen. Ben Bruce, gave the assurance.
Bruce spoke during a visit to the Ikeja and Eko Distribution Companies and the Egbin Generation Company in Lagos.
The visit was part of the committee’s on-going oversight visits to privatised companies in the country.
The committee chairman said that the vices should be treated as a matter of urgent national importance.
Bruce cautioned against calls for the reversal of the power privatisation in the country.
According to him, such reversal will paint Nigeria as an unserious nation which does not respect the sanctity of contractual agreements, thus scaring away potential investors.
He noted that the privatisation process ought to be beneficial to the government, the investors and the Nigerian tax payers who look forward to reliable and stable power supply.
The committee chairman said the on-going oversight visits had proved him wrong on his initial assumption that the privatisation process was wrong.
“With the benefit of hindsight, I have seen that the crisis in the sector is the necessary outcome of the privatisation.”
He, however, called on stakeholders to address the crisis in the sector, saying that it was very crucial to the economic well-being of the nation.
“The various stakeholders need to meet, brainstorm and think out of the box for a solution to the power crisis.
“There is no problem that is insurmountable; all that is required is the will.”
According to the statement, Bruce expressed the committee’s readiness to assist the executive in resolving the contending issues.
Other committee members expressed concern at the liquidity crisis in the sector, asking why the Generation Companies (Gencos) were not being paid for the power they generated amounting to billions of naira.
They noted that Egbin was being owed about N91.5 billion, yet was expected to operate optimally.
Briefing the committee members, the Acting Director-General of BPE, Dr Vincent Akpotaire, said the privatisation process was widely acclaimed globally as the best, largest and most transparent transaction ever in the power sector.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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