FG orders forensic audit of DisCos

The Federal Government has on Thursday, February 27, 2020, ordered a forensic audit of the operations of the electricity distribution companies (DisCos) .

According to TheCable, the decision was reached at the National Economic Council (NEC) meeting chaired by Vice-President, Yemi Osinbajo.

While addressing journalists at the end of the meeting, deputy governor of Edo state, Philip Shaibu said governors have been asked to submit details of their investment in the DisCos from 2013 till date.

Shaibu also disclosed that the the Nasir El-Rufai led ad-hoc committee that was set up in November 2019, has been given additional two months to audit the DisCos over their alleged poor investment in the sector.

He said, “NEC also received an update on the review of the status of ownership structure of electricity power distributing companies. The Kaduna state governor briefed NEC on the progress so far made and responses so far received from general public.”

“He (El-Rufai) also told NEC that they will be carrying out forensic audit of all bank accounts of DisCos and also that the state governments to provide details of their investment of DisCos.

“One of the reasons the committee asked for additional two months was to deal with two other issues that arose during NEC.

“You all know that the issue of privatization is still questionable but nonetheless, the federal government and governors feel we should not lament. What we should do is to look for solutions. Because if government lament the populace will definitely lose hope.

“So they need the additional two months so that when they are reporting to council it will be wholistic so that one council decision will be made that will deal with the issue of the DisCos.”

David Umahi, governor of Ebonyi state, also said the DisCos have made any significant investment in the power sector since 2013.

The governor said, “I think the federal government is trying to take the bull by the horn by trying to find out what investments these DisCos made towards this privatization.

“The first suspicion is that they have made no substantial investment and we will take it when we get all the solutions.”