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Leading investor, key stakeholder in Nigeria’s power sector service delivery and chairman of Ndubest Investments Limited, Chief Ndubuisi Ohia has called for immediate review of power sector privatization.
In an interview in his office in Lagos on Tuesday, he noted that the last privatization ushered in a set of inexperienced operators who are more interested in making money than investing to grow the sector and deepen electricity supply in Nigeria.
According to him, “Nigeria has been short-changed by the last privatization exercise as many of the concessionaires who signed to improve the industry are only interested in recouping uninvested funds.
“They are not ready to inject the needed funding to change the story of Nigeria’s power sector. Government need to act fast otherwise, the scenario will continue to hurt both existing and emerging industries.
“If the privatization brought in genuine investors, by now, issues of power outages, low shading and other associated crisis would have been a thing of the past.
Chief Ohia averred that “Things will only begin to look up in the sector when the right people with prerequisite funding capacity and technologies are given the opportunity to take over the sector.
He called on the minister of Power, Works and Housing, Babatunde Fashola to fish out non-performing concessionaries and replace them with genuine investors who can change the bad fortunes of the sector and give stable electricity to Nigerians to do their businesses.
Ndubest Group is a leading importer of key electrical products including transformers, cables and associated products for electricity development.
The group is a reliable supplier of genuine electrical parts for industrial, urban and rural electrification projects in Nigeria for decades.