July 1, 2019

FG moves to increase supervision of Discos

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The Federal Government says its representatives on the Board of Electricity Distribution Companies (Discos) has been increased from one to two, to further supervise activities in the power sector.

The Head of Public Communications, Bureau of Public Enterprises, Mrs Amina Othman in a statement on Monday in Abuja, said that the decision was part of the Corporate Governance Structure review for Discos.

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Othman said that henceforth,  Core Investors will have six directors and the BPE will have one director on the board.

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She said that the change was done to grant the Core Investors sufficient control of the management and operations of the Discos.

“In view of the need to strengthen Corporate Governance of the companies, the Federal Government decided to increase its representation on the Boards by two Directors given its 40 per cent shareholding.

“The objective is to ensure transparency in their operations as well as improve their performance.

“Subsequently, all parties agreed to the proposal as it is in good faith to strengthen Corporate Governance of the companies,” she said.

Othman said that the agreement to formalise the increase in the Federal Government’s representation on the Boards of the Discos would be concluded and implemented on or before the July 15, 2019.