1 December 2012

Nigeria: PHCN Sale - Preferred Bidders to Pay Deposit in 25 Days - Sambo

Vice President Namadi Sambo, on Thursday said that successful bidders for investment in the power sector are to pay 25 per cent initial deposit within 25 days.

Sambo disclosed this at the opening of the 13th Meeting of the Honorary International Investors Council in London.

The News Agency of Nigeria (NAN) reports that some firms had won the bids to operate 10 electricity distribution companies across the country.

He said the privatisation process might signal the end of efforts by the Federal government to privatise distribution companies (DISCOs) created from the unbundling of the Power Holding Company of Nigeria (PHCN).

Sambo said the federal government had made giant strides in its efforts to make the nation an investment destination,by upgrading basic infrastructure like power, and ports .

He said three out of the 10 on-going power plant projects had started contributing to the national grid, with each of them over 90 per cent completed.

While noting government's commitment to its development agenda, Sambo said the new visa policy was approved by the federal government in order to facilitate investors' access to the country following recommendations by the council.

He added that the nation had achieved a lot in the drive to address its internal security challenges, as well as in the fight against oil theft.


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