Giving capitalism a bad name | The Guardian Nigeria News - Nigeria and World News

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Fashola is not opposed to the privatisation of PHCH, the umbrella company which housed what we now have as Genco, TCN and Disco, but he was convinced the sale was badly handled. Power PHCN TCN Disco Genco

The possibility was hinted at in 2018 and in the just gone year 2019. Babatunde Fashola, then Power Minister, had to explain that the stringent terms of the sale were a hindrance; the terms would be breached; and a breach would lead to litigation and some other complications. It would give a bad image to the nation, a nation craving for foreign investment. The international community would just conclude that there was no conducive environment for foreign capital injection and investments.

Earlier in 2019, I drew the attention of the nation to Nigeria’s 50 years of twilight and darkness, 50 years of the nation going round in circles but getting to nowhere in particular as far as power supply and distribution is concerned as captured by celebrated columnist and great editor, Allah-De. I quoted him as saying in his column published on 15 March, 1969, in the following words:

“It is the only corporation that possesses the power to declare peremptorily to its customers: ‘Let there be light’ and there shall be light; or ‘may darkness fall upon this household.’ And, of course, there shall be darkness upon such household. And so, the father and the mother, and the children, the servants and all that dwell therein shall trip on the staircase and fall one upon the other.

“What does all this mean? It means that the ECN was caught slumbering when Kainji was ready for business….Someone should drag the corporation from antiquity so it can be introduced to the age of the dams.”

 

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