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Nigeria to handover PHCN assests to new owners

by Business News Report

The Vice President Namadi Sambo will on behalf of the federal government officially hand over the physical assets of the 14 PHCN Successor Companies to the new owners on November 1 2013. This is contained in a statement issued in Abuja by the Bureau of Public Enterprises (BPE).
The statement signed by the Head of Public Communication of BPE, Mr Chigbo Anichebe said the event would also hold simultaneously at the headquarters of the PHCN Successor companies across the country.
It, however, said that Sapele Generation Company (SGC) would not be affected by the exercise since National Council on Privatisation (NCP) has directed its legal committee to undertake a comprehensive legal status of the company.
According to the statement, the decision followed the failure of the preferred bidder to complete payment. The statement listed the Successor Companies to be handed over and their new owners to include: Abuja Distribution Company (KANN Consortium Utility), Benin Distribution Company (Vigeo Power Consortium).
Others are Eko Distribution Company (West Power & Gas), Enugu Distribution Company (Interstate Electrics Ltd) and Ibadan Distribution Company (Integrated Energy Distribution & Marketing).

Ikeja Distribution Company (NEDC/KEPCO Consortium), Jos Distribution Company (Aura Energy), Kano Distribution Company (Sahelian Power SPV), Port Harcourt Distribution Company (4Power Consortium) and Yola distribution Company (Integrated Energy Distribution &Marketing Ltd). It also listed generation companies to include: Shiroro (North-South Power Company), Kainji (Mainstream Energy Solutions), Geregu (Amperion Power Distribution) and Ughelli (Transcorp Ughelli Power).
The statement quoted the Director General of BPE, Mr Benjamin Dikki as saying that the hand over was a culmination of 14 years of effort by the NCP, BPE and other key stakeholders. It recalled that President Goodluck Jonathan had formally handed over share certificates and licences to the 14 new owners who had made 100 per cent payment of their bid amount. The Electric Power Sector Reform Implementation Committee was set up in year 2000 with the mandate to proffer an appropriate legal and regulatory framework for the sector.

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