PHCN: All set for Sambo to hand over to new investors tomorrow

By The Citizen

Nigeria's Vice President Namadi Sambo will officially hand over the physical assets of the 14 electricity successor companies to the new owners on Nov. 1.

A statement from the Bureau of Public Enterprises in Abuja on Thursday said the event would hold simultaneously at the headquarters of the successor companies across the country.

The statement signed by the Head of Public Communication at the BPE, Mr Chigbo Anichebe, said that Sapele Generation Company would not be affected by the exercise since the National Council on Privatisation had 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 on schedule.

The statement listed the successor companies to include the Abuja Distribution Coy to be handed over to KANN Consortium Utility, the Benin Distribution Coy (Vigeo Power Consortium), Eko Distribution Coy (West Power & Gas) and Enugu Distribution Coy (Interstate Electrics Ltd).

They also include Ibadan Distribution Coy (Integrated Energy Distribution & Marketing), Ikeja Distribution Coy (NEDC/KEPCO Consortium), Jos Distribution Coy (Aura Energy), Kano Distribution Coy (Sahelian Power SPV), Port Harcourt Distribution Coy (4Power Consortium) and Yola Distribution Coy (Integrated Energy Distribution &Marketing Ltd).

It further listed the generation companies to include Shiroro (North-South Power Company), Kainji (Mainstream Energy Solutions), Geregu (Amperion Power Distribution) and Ughelli (Transcorp Ughelli Power).

The Director General of BPE, Mr Benjamin Dikki, noted that the hand over was a culmination of 14 years of effort by the NCP, BPE and other key stakeholders.

He 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.