Privatization: FG hands over PHCN to new investors Sept 21

The Federal Government will hand over privatized successor companies of the Power Holding Company of Nigeria, PHCN, to private investors on September 21, 2013, if the investors pay on schedule.

The Director-General of the Bureau of Public Enterprises, PBE, Mr. Benjamin Dikki, disclosed this in an interview in Abuja.

He disclosed that the PHCN privatization was expected to earn the Federal Government about $2 billion.

Dikki said: “To purchase this Power Holding Company, over $2 billion will be paid by the bidders, and that is because the investors can see a clear investment horizon. They don’t have to go and lobby anybody, all they require is to meet the technical requirement, go to the regulatory authority, apply for licence and they are limited by their own ingenuity and their access to the capital.

“When they pay by September 21, we will hand over the companies to them or anybody who pays earlier and then they begin to operate.

“Labour issues have been resolved and the implementation committee on settlement of the PHCN staff terminal benefits commenced payment of N118 billion to the over 20,000 PHCN staff, at the beginning of this month”.

The BPE boss said the privatization programme of the Federal Government had significantly opened up the Nigerian economy by creating the right atmosphere for greater private sector participation in several key sectors.