Government Plans DisCos Sale Managed by Banks: AMCON Announcement for July

“Government Announces July 2024 Sale of DisCos Managed by Banks and AMCON: Power Minister Reveals Plan

The Federal Government has unveiled its intention to auction off the five electricity Distribution Companies (DisCos) currently under the management of select banks and Asset Management Company of Nigeria (AMCON). Set for implementation by July 2024, this decision aims to transfer ownership to technical power operators.

During an oversight visit by the Senate Committee on Power to the ministry in Abuja, Minister of Power, Adebayo Adelabu, made the disclosure on Monday. The move follows the government’s intervention in 2022, in collaboration with Fidelity Bank and AMCON, to take control of Kano Electricity Distribution Company (KEDCO), Ibadan Electricity Distribution Company (IBEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electric, and Port Harcourt Electricity Distribution Company (PHED). This initiative seeks to rescue these entities from insolvency and address various challenges.”