The management of General Electric (GE) has set out conditions before it can invest in Nigeria’s Electricity Distribution Companies (DisCos), report says.
The power giant is insisting on a sovereign guarantee from the Federal Government. The request came at the meeting the GE officials had with the DisCos in Abuja yesterday. GE was said to have been shocked by what it discovered in the books of the DisCos.
The Executive Director, Association of Nigerian Electricity Distributors (ANED), Mr Sunday Oduntan said: “As at yesterday, we had a meeting with the team of people from GE. The head of GE had a meeting with ANED. He asked to see our balance sheets. As soon as he saw the balance sheets, he said no! no! He said if the government can provide what is called sovereign guarantee, yes!”
“In the case of GE, it happened yesterday. They wanted to know how the sector is doing in terms of doing business. So they are trying to see how they can come in. They have a lot of money to invest. They wanted to know the challenges like the issue of metering, network and others.” According to him, the meeting is an ongoing discussion because “they have the money and we need more foreign investors to come in.”