Sell If You Can’t Manage Business, Osinbajo Tells Discos

Acting President Yemi Osinbajo at Niger state investment summit. Twitter

Vice President Yemi Osinbajo has asked the Electricity Distribution Companies (Discos) to invest and run their businesses well or sell out if they are not able to manage them.

The vice president was responding to a call by Tony Elumelu at the Nigerian Economic Summit Group that the federal government should look for new investors for the Discos.

Osinbajo said the federal government does not have the capital to reinvest in the distribution companies, adding that the owners should look for ways to attract more capital to their businesses.

The vice president said the federal government has someĀ 40 percent equities in the 11 Discos, while the Disco owners have 60 percent equity.

Osinbajo was participating in the opening plenary of the summit with UBA Chariman, Elumelu, and GE Vice Chairman, John Rice.

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