The Federal Government (FG) has transferred its shareholding in electricity Distribution Companies (DisCos) from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI). The shareholding is reported to be 40%.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, issued this order in a letter dated January 10, which was seen by Saturday Telegraph yesterday. The letter with REF/FMF/OHMF/MOFI/As- sets/01, was directed to the Board of Directors, MOFI.

It was titled: Termination of Power of Attorney donated to the Bureau of Public Enterprises and vesting equity interest of the Federal Government of Nigeria in the Ministry of Finance Incorporated. He directed the board of directors of the MOFI to assume ownership, control, and management of all equity holdings of the Federal Government of Nigeria in Nigeria’s 11 DisCos.

The DisCos, according to a letter to the Chairman of the Board of Directors, Electricity Successor Companies signed by the Chief Executive Officer, MOFI, Dr. Armstrong Takang, include: Abuja, Benin, Eko, and Enugu. Others are: Ibadan, Ikeja, Jos, Kaduna, Kano, Port Harcourt and Yola.

The letter was titled: Equity Holdings of The Federal Government of Nigeria In Electricity Distribution Companies and was copied to the Vice President, Senator Kashim Shettima and the Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun. Edun wrote: “I hereby direct the Board of Directors of the Ministry of Finance Incorporated to, on the authority of this instrument and all enabling laws in that behalf, with immediate effect “Assume ownership, control and management of all equity holding of the Federal Government of Nigeria in the said successor companies of the Power Holding Company of Nigeria

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