Lagos — The Federal Government yesterday threatened to sanction new owners of the successor companies of the Power Holding Company of Nigeria (PHCN),who default in the delivery of performance agreement they signed with it.
Vice President Namadi Sambo, who is also the Chairman of National Council on Privatization (NCP), gave the warning in Lagos during the handover of the Eko Distribution Company to its new owner, West Power and Gas Limited.
He said the development was necessary to ensure that the owners fulfill their pledge in solving the nation's power challenge.
Namadi, who was represented at the occasion by the Minister of Trade, Investment and Industry, Dr. Olusegun Aganga said the Nigerian Electricity Regulatory Commission and the Bureau of Pubic Enterprise(BPE) will monitor the operation o the companies from time to time.
The Vice President expressed optimism that Nigeria would overcome its power challenges in no time following the transfer of the assets to the private sector.
Namadi admitted that though the challenges besetting the power sector are enormous, but said the Federal Government would not rest on its oars to create the requisite enabling environment for the new investors to tackle the challenges and make their investment worthwhile.
Chairman of West Power and Gas Limited, Mr.Charles Momoh, commended the Federal Government over the transparent manner the privatisation of the power assets were conducted, saying the development is a manifestation of the huge confidence international community reposed in Nigeria.
According to him, the handing over of the Eko Electricity Distribution Company to his company signifies change, adding that West Power would not hesitate to turn around the power company and its workforce as well as give customers best of service.
Chief Executive Officer of Eko Electricity Distribution Company,Eng.Oladele Amoda,assured that his workers would work with the new owners of the company to break new grounds and attain new heights.
He said: "If anything will change at all,it should be for the better.It all lies in our hands as workers. We should expect new challenges, new ways of doing things and of course new opportunities.