Nigeria: BPE Transfers U.S.$2.5 Billion PHCN Privatisation Proceeds to OAGF

18 October 2013

The Bureau of Public Enterprises (BPE) Thursday disclosed that it had remitted proceeds from the sale of 14 successor generation and distribution companies of the Power Holding Company of Nigeria (PHCN) to the Office of the Accountant General of the Federation (OAGF).

Director General of the BPE, Mr. Benjamin Dikki, said in Abuja, yesterday that virtually all the proceeds generated from the sale of the power utilities had been transferred to the OAGF for onward disbursement to PHCN staff for their severance pay. He spoke just as the National Union of Electricity Employees (NUEE) raised the alarm over an alleged attempt by the federal government to deploy troops to all PHCN facilities to intimidate the workers from fighting the takeover of the facilities by the new investors.

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