Only Discos With A Capital Base Of N500 Billion Should Stay In Business, Reps To FG.

According to the lower legislative chamber, only financially capable DisCos would ensure maximum consumer satisfaction.The House of Representatives is proposing that only electricity distribution companies (DisCos) with a capital base of N500 billion be allowed by the Federal Government to operate.

Only Discos With A Capital Base Of N500 Billion Should Stay In Business, Reps To FG.

According to the lower legislative chamber, only financially capable DisCos would ensure maximum consumer satisfaction.The resolution was passed by the House during a plenary session on Wednesday following the adoption of a motion sponsored by Ibrahim Isiaka from Ogun State.In his motion, Isiaka noted that the actions of DisCoS are “posing a threat to economic stability and welfare of the Nigerian populace”.

The lawmaker also noted that Nigerian consumers paid for electricity meters installation, but “Discos are demanding additional payments for replacement of these metres under dubious pretenses, undermining consumer trust andexacerbating financial burdens.”He expressed worry that consumers are being coerced into paying for meters which they have earlier financed, causing financial strain on households and businesses already facing economic challenges.

Hon. Isiaka is also worried about the sabotage of economic development by Discos, where essential services are used against citizens intended to serve thereby, stifling growth and development.“Despite constant regulatory oversight and demand for accountability by the Committee on Power from these companies, Discos remained recalcitrant in operating with impunity and disregard for consumer rights.”

The motion was unanimously adopted without debate when it was put to a voice vote by the Speaker of the House, Tajudeen Abbas.The House, therefore, urged the ministry of power to “declare DisCos as non-state actors and take immediate measures to address their reckless actions threatening the nation’s economy”.

The lawmakers also requested that DisCos should “undergo recapitalisation of not less than N500 billion, and only those with the required financial muzzles that can provide maximum satisfaction to consumers are allowed the space to continue to operate”.They mandated the House Committee on Power to investigate the activities of DisCos to hold them accountable and safeguard the rights of consumer.