After months of delay, the federal government has finally disclosed its readiness to give a schedule of delegated authority to Canadian firm, Manitoba Hydro to take over the management of the Transmission Company of Nigeria (TCN).
Manitoba Hydro was contracted by government at a sum of $23 million for a three year management contract of the TCN.
Minister of Power, Prof. Chinedu Nebo who disclosed this, yesterday, in Abuja during his presentation at the ongoing 13th edition of Nigeria Oil and Gas (NOG) conference and exhibition in Abuja, said that government was now ready to hand over to Manitoba, the required "schedule of delegated authority" of TCN next week.
"I can also assure you that within the next week, Manitoba Hydro will get their schedule of delegated authority," he said.
Manitoba, according to the contract terms, is expected to take up staffing and management of key departments of TCN such as the Systems Operations (SO), Transmission Service Provider (TSP), National Control Centre (NCC) and Market Operations (MO).
He added that workers of successor companies of the Power Holding Company of Nigeria (PHCN) would also begin to get their severance pay-checks next week and noted, however, that it would be paid in batches.
He also stated that the Bureau of Public Enterprises (BPE) will, this Thursday, begin to sign all the necessary documents with preferred bidders in anticipation of their imminent takeover of affairs at successor PHCN companies.
He listed the documents to be signed by expected owners of PHCN successor companies to include the vesting contract, gas sales agreement, power purchase agreement, transmission agreement and share transfer agreement among others.
"The process of privatisation is heading towards its completion and awaiting payment, by Thursday many of the preferred bidders will sign-on and will be required to pay the first tranche of the money that they have been asked to pay so that eventually they will take over these companies," he said.