Almost five years after core investors put $1.2 billion (about N427bn) to acquire 60% stakes in 11 electricity Distribution Companies (DisCos) in 2013, they said they are yet to recover the investments or make profit from the defunct PHCN assets.

The investors disclosed this on Tuesday in Abuja at a joint briefing by the Association of Electricity Distributors Investors and the Association of Nigerian Electricity Distributors (ANED).

The Executive Director, Research and Advocacy at ANED, Chief Sunday Oduntan said, “DisCo investors, who paid $1.4bn (about N427bn) for the distribution assets have not made any return on their investment, a condition which was the basis of the investment after a five-year performance period.”

He revealed a N1.3 trillion market shortfall in the DisCos’ financial books that hinders their performance on improved metering, customer service and increased customer connections.

Source: Daily Trust