Lagos to convert investment in transformers to shareholding in Discos

Lagos State government may seek to be part owner of the two electricity distribution companies (Discos) operating in the state on the grounds of the state’s continued investment in electricity transformers.

Meanwhile, property worth over N106.32 billion had been saved while those estimated at N17.72 billion were lost to fire incidents in Lagos in the last one year.

Seye Oladejo, the state commissioner for special duties and inter-governmental relations, who disclosed this, Tuesday, at media briefing, said additional 100 personnel had been recruited to further strengthen and position the Lagos State Fire and Safety Services for a more rapid service delivery.

Olawale Oluwo, the state commissioner for energy and mineral resources, told journalists that the government had been compiling its investments in transformers donated to communities in the state since the privatisation of the power sector.

He said although the government believed it had the responsibility to communities, some of which had been without power supply for several years, and had invested heavily in provision of transformers to connect them to the national grid, such investments were tracked as they go into the operations of the Discos.

“We are compiling the value of these investments and will decide what to do; whether to convert them to shareholdings in the Discos,” said Oluwo.

The commissioner disclosed that 54 private firms would be saddled with responsibility of managing the streetlights in the state, saying about 600km of roads in 366 locations across the state had been lit up thereby improving the security of such places.

Following the discovery of oil in the state, Oluwo said that the state has established Ibile Oil and Gas to manage oil related issues in the state, assuring that Lagos will be a bigger business hub with the development as more employment would be created.

“What this means is that we have own company that will not run like NNPC. Our own Ibile Oil and Gas will operate in upstream, midstream and downstream sector. It will not only be involved in exploration but will also go into construction of its own petrol stations.

“We must be able to give Lagos energy security such that if anything happens outside or NNPC shuts down operation, we must be able to power Lagos on energy basis. That is what oil and gas company of Lagos is all about. We are interested in the future such that we can put Lagos in the position of having its own oil bloc.”