Mr Kunle Olubiyo,
The President, Nigeria Consumer Protection,Mr.Kunle Olubiyo Network,has expressed disgust over the state of the nation’s privatized power sector,saying it stinks.
He drew his allusion from exposure of Nigerian banks to toxic loans taken by
investors in the power sector in 2013
for acquisition of distribution and generation assets and the lacklustre attitude of the operators to change the narratives in the sector.
He maintained that the Federal Government’s decision to privatized the sector was well articulated,but entire process was messed up and roundly hijacked by vested interests in the sector.
He said:”It is not that the power is not profitable.What has happened is that those that were supposed to regulate the system tactically and craftily turned their face to the back and allowed a well orchestrated leakages and capital flights.While the sector makes huge sum of money with a single power distribution company making as much as
N10 billion Naira per month .
“How much of this does the regulator knows.The regulator does not have in place a
technically synchronised systemic revenue loop. There are no loop in place that could be used in effective monitoring of the cash in flow and cash outflow and no real time regulatory mechanism in place for monitoring of service level agreement benchmarks.
