30 November 2012

Nigeria: NERC Gives States Dec 31 Deadline to End Electricity Assets Valuation

The Nigerian Electricity Regulatory Commission (NERC) yesterday gave state governments till December 31 to submit a detailed valuation of their investments in electricity distribution assets.

NERC Chairman Sam Amadi, who stated this in a statement by the agency spokesperson, Mrs Maryam Abubakar, explained that the framework for the valuation was adopted by stakeholders at a meeting in Lagos with officials of Eko Electricity Distribution Company and Lagos State government.

According to him, in December 2010, universal valuation was done and now the commission wants to know who owns these assets.

The National Economic Council had earlier directed NERC to undertake an inventory of all electricity distribution assets associated with local distribution networks and the study was concluded in December, 2010.

Amadi stressed that this evaluation was done to ascertain the post privatisation structure of the Power Holding Company of Nigeria (PHCN) successor companies.

He stated that these shares would be based on the value of the assets determined by NERC.

The Federal Government had allocated 40 per cent of the shares of these legacy companies to states within the distribution zones and workers of the companies.

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