AMCON Debtors Run DISCOs and GENCOs, Vote Wisely Not With Anger – Fashola

Saturday July 09,2022

Odutayo Odusanya

The Minister of Works and Housing, Mr Babatunde Raji Fashola,SAN has opened up on the financial status of investors behind the power generation and distribution companies in Nigeria during the 6th edition of BRF GABFEST held in Lagos on June 28,2022 with a theme ‘What am I voting for ?’

Fashola who was the keynote speaker at the event said that some of the 300 bank debtors bailed out by Asset Management Corporation of Nigeria constituted the bulk of investors that bought into the power sector .

This outburst came on the sideline of the lecture when somebody considered to be an aide of Federal Government in 2013 raised the issue of anger of the citizens towards the present administration and the need by the people to vote them out.

The Minister who oversaw the ministry between 2016-2019 reminded the audience of a deliberate collusion by the aide and the past government at the time to have put self interest before the general well being of the state when they embarked on the sale of the power sector.

The lecture tied on election and voters enlightenment was meant to shed light on governance, constitution and what citizens needed and expected from prospective office seekers .

In the course of his lecture the Minister recalled,

“Now let me go back to the person who said you are angry and should get your PVC in order to vote.

“What I did not tell you at the beginning was that he said you must be angry because you don’t have electricity. What he also conveniently did not say was that he participated in the government exercise of selling the Discos and Gencos as an adviser of the Government in 2013.

“Because of the nature of his job, he was in a position to know, if he did his job well, that some of the people the Discos and some Gencos were sold to were AMCON debtors.

“What you must know is that AMCON is the acronym for Asset Management Corporation of Nigeria, by which private citizens and companies (about 300 of them) who owed large sums of money running into over Trillions of Naira to our banks, were bailed out with public funds to prevent the banks from collapsing.


“Where were these people expected to get the capital to inject into the Discos and Gencos? Deliberately and inadvertently, this person has some responsibility to carry for your lack of power. If it is true that you are angry, he is not fit to advise you how to vote.


“I urge you to vote by holding debates and town halls where you put questions to the candidates to test their abilities. I urge you to vote by looking at what the candidates have done before, this is like asking for the referees during an interview or talking to a previous employer. This is how to recruit an employee. Not by anger.”

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