Leadership (Abuja)

22 February 2013

Nigeria: FG Hands Over Power Companies to Successor Firms

The federal government yesterday signed transaction and industry agreements with 15 PHCN successor companies, heralding the formal handover of the unbundled PHCN successor companies to core investors.

This is coming barely 24 hours after President Goodluck Jonathan approved the sum of N384 billion for the settlement of the entitlements of the PHCN staff in a bid to soothe frayed nerves generated by the power sector reform processes.

The NCP approved bidders list of firms for the DISCO include Kann consortium (Abuja), Vigeo Power consortium (Benin), West Power and Gas (Eko), Interstate Electric Nigeria (Enugu), Integrated Energy (Ibadan), NEDC/KEPCO (Ikeja), Aura Energy Ltd. (Jos), Sahelian Power SPV Ltd (Kano), 4power Consortium (Port Harcourt), and integrated Energy Distribution and Marketing (Yola), Amperion (Geregu), Mainstream (Kainji), north south (shiroro), Transcorp/Woodrock (Ughelli) and CMEC/Eurafric (Sapele).

Vice President Namadi Sambo who gave the hint at the signing ceremony of the agreements at the presidential villa said government was taking all necessary steps to ensure that the expectations of Nigerians in power supplies in the country were met.

Sambo who is the chairman of the National Council on Privatisation (NCP) said privatisation was not an end in itself but a strategy of improving efficiency and service delivery, adding that there was need for continuous government commitment to ensure the realisation of the privatisation objectives.

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