…The Shameful Sale of DISCOs and GENCOs Under Jonathan – And What Tinubu Must Do Now
By Damilola Omosebi
A Confession of Greed – And a Path to Redemption
The shocking revelation by Dr. Shamsuddeen Usman, former Minister of National Planning under ex-President Goodluck Jonathan, is more than just an admission of failure; it is a damning indictment of how Nigeria’s political elite stole the future of millions under the guise of privatization.
But while this confession exposes the rot in Nigeria’s power sector, it also presents an opportunity; a chance for the Tinubu administration to correct one of Nigeria’s biggest economic crimes.
The Great Power Sector Heist: How Jonathan’s Government Sold Nigeria to Itself.
In 2013, Nigeria’s power privatization was supposed to bring efficiency, investment, and 24/7 electricity. Instead, it became a looting spree by government officials and their cronies.
Dr. Usman revealed:
– Politicians and bureaucrats secretly acquired shares in DISCOs and GENCOs.
– Due process was ignored; technical competence lost to political connections.
– “Big masquerades” (powerful insiders) hijacked the process, ensuring that friends of government, not qualified investors, took over critical power assets.
The result? A failed power sector, worsening blackouts, and a crippled economy.
The Consequences of This Betrayal.
Today, Nigeria suffers because of this fraud:
– Over 60% of Nigerians lack reliable electricity.
– DISCOs are bankrupt, inefficient, and unable to meter customers.
– GENCOs struggle with gas shortages, debts, and mismanagement.
– Businesses and households spend trillions on generators yearly.
This was not an accident; it was a deliberate scam by those in power.
What Must Tinubu’s Government Do Now?
President Bola Tinubu cannot afford to ignore this confession. He must take bold, decisive action to rescue Nigeria’s power sector.
Launch a Forensic Audit and Criminal Prosecution.
– A full investigation into the 2013 privatization must be conducted, with international auditors tracking every transaction.
– All “big masquerades” (government officials and cronies who bought shares illegally) must be exposed and prosecuted.
– Recover stolen assets; any DISCO or GENCO acquired through fraud should be reclaimed by the government.
- Revoke Non-Performing Licenses.
– DISCOs that have failed to improve power supply after 11 years should have their licenses revoked.
– New, competent investors (including experienced foreign firms) should be invited to take over.
– GENCOs that lack technical capacity must be restructured or resold to credible operators.
- Decentralize the Power Sector.
– Allow states and private investors to generate and distribute power independently.
– Encourage renewable energy (solar, hydro, wind) to reduce reliance on failing DISCOs.
– Fast-track the Electricity Act 2023 to enable state-level power reforms.
- End Gas Supply Sabotage
– GENCOs are starved of gas because of vandalism and corruption.
– The government must secure pipelines and enforce stricter penalties for sabotage.
– Nigeria must utilize its vast gas reserves to boost power generation.
- Massive Investment in Transmission Infrastructure.
– The national grid is weak and outdated.
– Tinubu must prioritize upgrading transmission lines to reduce system collapses.
– Public-private partnerships should be encouraged for grid expansion.
- Will Tinubu Act, or Will the Looting Continue?
Dr. Usman’s confession is a rare moment of truth. But confession without consequences is meaningless.
President Tinubu has a choice:
– Continue the cycle of corruption and allow Nigeria to remain in darkness?
– Or take bold action, recover stolen assets, and finally fix Nigeria’s power sector?
The time for excuses is over. Nigerians deserve light. They deserve justice. They deserve leaders who will not sell their future for personal gain.
Tinubu must act now; or history will judge him harshly.
