Business
FG To Sell Discos’ Shares Over Poor Performance

Following the poor performance of power distribution companies in the country, especially the Benin, Kaduna and Kano electricity distribution companies that were the worst-performing Discos among the 11 power distributors in Nigeria, the Federal Government has decided to sell the shares to new investors.
The government, through the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC), had resolved to sell the majority interest in the three Discos to competent investors.
Director-General of BPE, Alex Okoh, disclosed this in a statement he signed, and made available to journalists on Friday, in reaction to the resistance by some Discos on the move by Fidelity Bank and the government to take over and restructure poor-performing Discos.
In the statement, the receiver/manager’s nominee of Integrated Energy Distribution and Marketing Company had argued that it was the legal and beneficial owner of 60 per cent (controlling and managing) shareholding interests in the Ibadan Electricity Distribution Company.
Also, the management of Benin Electricity Distribution Company Plc had argued that there was no legal basis for the takeover of the company following the purported activation of the call on its collateralised shares by Fidelity Bank.
Both firms had disclosed this in reaction to the announcement of the Federal Government on Tuesday regarding the takeover of Kano, Benin and Kaduna electricity distribution companies by Fidelity Bank Plc after the bank initiated action to take over the boards of the three Discos.
The government had also announced, through its BPE, that with the takeover of Ibadan Disco by the Asset Management Corporation of Nigeria, the BPE had obtained approval from NERC to appoint an interim Managing Director for the distressed power firm.
The government had further stated in its restructuring notice that it was restructuring the management and board of Port Harcourt Disco to forestall the imminent insolvency of the utility in a notice, signed by the Director-General, BPE, Alex Okoh, and Executive Chairman, NERC, Sanusi Garba.
But the government’s stance was confronted by resistance by some affected power firms, a development that made the BPE declare on Friday that it would go-ahead to sell the majority interest in Benin, Kaduna and Kano Discos.
“It is envisaged that the majority interest in these Discos would be sold to competent private sector investors with the requisite technical and financial capacity to re-capitalise and manage these entities efficiently.
“As an interim measure, NERC and BPE met on an emergency basis and activated the business continuity process and appointed interim Managing Directors in the affected Discos,” the statement affirmed.
By: Corlins Walter
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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