PHCN: BPE insists on November 1 handover date

The November 1, 2013, handover date of Power Holding Company of Nigeria (PHCN) successor firms to the new owners is sacrosanct, the Bureau of Public Enterprises (BPE) has said.

BPE has also assured of a seamless handover and promised that the new owners would take over operations and continue with running of the facilities hitch free as the handover process had been on for a while.

Head of Public Communications, BPE, Mr. Chigbo Anichebe, told The Guardian:  'We had set up what we called Transition Committees for each of the successor companies and they are made up of representatives of the core investors, the BPE and the current Chief Executive Officer (CEO) of the company. They have met for over six months working on the transition.'

Chairman of the Distribution Company Roundtable, an umbrella body of the new owners of the distribution firms, Dr. Ransome Owan stressed that the new owners were gearing up to provide world-class services to Nigerians.

'I feel a great sense of satisfaction and relief.  The privatisation of PHCN following the dictates of the Electric Power Sector Reform Act of March 15, 2005, is a seminal turning point in the history of our great nation.  Although the process suffered some setbacks due to misguided opportunism, the unflinching will and support of Mr. President made it possible.

'Despite the uncertainty that change inevitably brings, the government, labour and the people have spoken with one voice and investors have responded in-kind.  There is optimism in the air that a new dawn is upon us.  Now the real work starts,' he said.