Urge companies to undergo N500b recapitalisation 

House of Representatives has decried the activities of Distribution Companies (DisCos) in the country, warning their recent actions threaten the economic stability and welfare of Nigerians.

The House has also urged the DisCos to undergo recapitalisation of not less than N500 billion.

Adopting a motion, yesterday, on the activities of Discos, sponsored by Ibrahim Ayokunle Isiaka, the green chamber recommended that only those with the required financial muscles that could provide maximum satisfaction to consumers should be allowed to operate.

Presenting his motion, Isiaka said despite consumers paying for the installation of electricity meters, DisCos were demanding additional payments for the replacement of the metres under dubious pretences.

The lawmaker noted that consumers were being coerced into paying for meters, which they had earlier financed.

This, according to him, is causing financial strain on households and businesses already facing economic challenges.

He expressed concerns that despite constant regulatory oversight and demand for accountability by the Committee on Power from Discos, they had remained recalcitrant and continued to operate with impunity and disregard for consumer rights

Adopting the motion, the House urged the Federal Ministry of Power to take immediate measures to address the actions threatening the nation’s economy.

It also mandated the Committee on Power to investigate the DisCos’ activities to hold them accountable and safeguard consumer rights.