Nigeria’s First Lady, Patience Jonathan, as well as Vice President Namadi Sambo, are responsible for the ongoing sordid drama over the sale of the Enugu Electricity Distribution Company (EEDC). In recent months, the sale has pitted Eastern Electric against Interstate Electrics in a fight to a finish, an investigation has revealed. A major source in the Presidency disclosed that Mrs. Jonathan is the unseen hand behind the constant bending of rules for Interstate by both the Bureau of Public Enterprises (BPE) and the National Council on Privatization (NCP). The reason for the First Lady’s meddling is that Emeka Offor, leader of the Interstate consortium, has convinced her he would protect her secret business interest in the consortium. Mr. Offor runs Interstate in partnership with the Metropolitan Electricity Authority of Thailand. Of all 15 preferred bidders for the Power Holding of Nigeria (PHCN) generation and distribution companies for privatization, only Interstate failed to make any payment for the outstanding 75% of the reserved prices by the August 21, 2013, deadline. Yet, the firm managed to pay $93 million last Friday, more than two weeks late.
Posted on: Sun, 15 Sep 2013 19:58:18 +0000
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