THREE BANKS UNDER PRES. BUHARI’S WATCH…

The Presidency is probing three banks for short-changing the Federal Government in the management of the N50 billion escrow accounts interest yield for seven Electric Power Generation Companies (EPGC).

The row over the escrow accounts was referred to President Muhammadu Buhari following the loss of over N10 billion interest yielded in the last two years.

The companies are: Afam Power Plc; Egbin Power Plc; Geregu Power Plc; Kainji Hydro-Electric Plc; Sapele Power Plc; Shiroro Hydro-Electric Plc; and Ughelli Power Plc.

Each of the generation companies (sellers), pursuant to the provisions of the Electric Power Sector Reform Act No. 6 of 2005, were mandated to take over generation and related businesses of the Power Holding Company of Nigeria (PHCN).

Safety escrow accounts were established to protect the stake of private investors in the seven generation firms.

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