L
LequteMan
Guest
Dr Godknows Igali, the Permanent Secretary of the Ministry of Power, after a meeting with Vice President Namadi Sambo told State house correspondents on Thursday that the federal government will physically hand-over of the Power Holding Company of Nigeria (PHCN) to their new owners by November.
According to the News Agency of Nigeria, PHCN had been unbundled into 15 successor companies comprising five Generation Companies (GENCOs) and 10 Distribution Companies (DISCOs).
The National Council on Privatisation (NCP) last week approved the sale of the 10 DISCOs and four of the five GENCOs to preferred bidders which made full payments for the assets.
The Sapele GENCO’s privatization wasn’t ratified because the preferred bidder did not pay in full for the asset.
Igali said that prior to the physical handover of the plants, there would be a formal ceremony for the handover of documents to the new owners which would be presided over by President Goodluck Jonathan.
Igali said that his ministry had also made significant progress in the payment severance to PHCN workers.
The NCP had also last week approved the immediate release of more than N384 billion from the Accountant General of the Federation to clear off all the outstanding payments to about 49,000 PHCN workers.
He said that power supply will improve significantly when the new owners would take over.
