Africa’s richest man, Alhaji Aliko Dangote, has faulted the privatization of the power holding company of Nigeria (PHCN) undertaken by the defunct Jonathan Administration, and called for its immediate reversal.
He warned that the power problems would become complicated unless the presidency re-takeover of the PHCN generating plants and distributing companies from the new investors.
Dangote asked the presidency to allow investors who have adequate technical expertise and capital to take over the PHCN assets from the existing power generating companies (GENCO) and electricity distribution companies (DISCOS).
The industrial magnate who gave the suggestion in a lecture he delivered at the senior executive course 38 at the National Institution of Strategic Studies, Kuru, near Jos, said most of the operators of the GENCOS and DISCOS lack the understanding of complexity of the power sector.
He said investors who bought PHCN assets from the Jonathan Administration, believed it was a lucrative business like mobile phones, and borrowed almost 90 per cent of fund used in acquiring them in foreign currencies.
Dangote who accused the discos and GENCOS of holding Nigeria to ransom however said it was a wrong for investors in Nigeria’s Electricity sector to taken loan in foreign exchange for their capital base, when their income would be in Naira.