FG urged to set up tribunal for debt-laden DisCos

The federal government has been urged to investigate the power distribution companies, which were taken over by banks and Assets Management Corporation of Nigeria (AMCON).  The Institute of Chartered Accountants of Nigeria (ICAN)’s President, Davidson Alaribe gave this advice yesterday during a media parley, harping that some of the privatisation process to the deb-laden power […]

The federal government has been urged to investigate the power distribution companies, which were taken over by banks and Assets Management Corporation of Nigeria (AMCON).

 The Institute of Chartered Accountants of Nigeria (ICAN)’s President, Davidson Alaribe gave this advice yesterday during a media parley, harping that some of the privatisation process to the deb-laden power distribution companies lacked transparency.

 “We should set up a failed transactions tribunal, the tribunal should tell them if those people misled the government and they should go to jail. Some DisCos could not sustain their operations and AMCON and CBN came back because they lent them the money and could not repay.”

 He added that the lack of sufficient electricity supply and insecurity have crippled many businesses, forcing many to leave the country.

 “So many companies have left Nigeria because of many issues, so a favourable business environment has to be there. So, we need to run as a country where if you commit a crime, you will be charged and go serve the punishment, that is also another way we should move,” he stressed.

 He attributed the devaluation of naira to lack of export products that could generate foreign exchange, adding that proceeds from the few exported products are used to clear the country’s foreign debt.