The Minister of Power, Works and Housing, Babatunde Fashola, has warned that the federal government would not allow profiteering in power investments, except for reasonable marginal profits.
He spoke in Abuja while receiving the Acting Executive Secretary, Nigerian Investment Promotion Commission, (NIPC), Hajia Ladi-sule Katagum, noting that the sector was earlier dominated by businessmen with more interest in profit.
This, he argued, had been responsible for the proliferation of sub-standard equipment and materials, policy summersaults, lack of consumer-centred interests, no data to aid planning and lack of professionalism and concerted efforts in doing things right.
The minister said government was determined to protect the interest of customers and would also allow reasonable margin as profit.
“No government will allow profiteering,” he said as he enjoined business men to be thorough, well informed, knowledgeable and follow the law and laid down procedures.
Fashola said intending investors in power plants must start from the Nigerian Electricity Regulatory Commission (NERC), where they are expected to get appropriate permits and licences after which they are to approach the Nigerian Bulk Electricity Trading Company (NBET) for Power Purchase Agreements (PPAs).
Earlier, Hajia Ladi-Sule Katagum said the visit was to develop a framework on the “Ease of doing Business Modus” through interaction with the main drivers of the sector.
She added that the NIPC was working to shorten the processes of getting projects on track.