A Professor of Energy and Electricity Law at the University of Lagos, Yemi Oke has revealed that 90% of the Distributing Companies (DisCos) in Nigeria are technically insolvent.
“The DisCos are not solvent and the DisCos are not buoyant. As we speak, 90% of the DisCos are technically insolvent and they are supposed to be getting power to my homes and your homes and the industries,” he said on Channels Television’s Sunrise Daily.
Oke also said some Nigerian banks have found themselves in trouble due to their unprofitable investments in DisCos.
The don urged the political actors vying for presidency in the forthcoming general elections to highlight ways to address the challenge of power bedeviling the country.
“I need to see political players talking about power,” he said, noting that Nigeria must fix the power imbroglio because it is the engine of development.
“That is what can speed up our development. Industries are closing down, no industry can survive on diesel. We can’t talk about solarization. Solarization is at best but that is not industrialisation.”