The Minister of Power, Prof. Chinedu Nebo, said in Abuja that the Federal Government recorded substantial compliance in payments by the preferred bidders for the sale of the PHCN companies under a globally acclaimed power privatization programme. By the close of transaction by 5pm on Wednesday, all the bidders had paid up, except for the Enugu Distribution Company, while the preferred bidder for Sapele Power Station had made substantial part-payment. He said the completion payment now entitles the preferred bidders to take full possession of the 15 PHCN unbundled entities, which include 10 Distribution companies (DISCOs) and five Generation companies (GENCOs. Nebo, upon confirmation that the investors had met the August 21, 2013 deadline, described the exercise as a great milestone in the Power Sector Reform Roadmap, which should give hope to Nigerians, and inspire confidence in government’s power reform, and President Jonathan’s Transformation Agenda. The Minister said he would soon formally declare the Transition Electricity Market, to enable the investors commence business in earnest and further drive the process. - See more at: vanguardngr/2013/08/power-fg-approves-take-over-by-investors/#sthash.E6GWRJuI.dpuf
Posted on: Tue, 27 Aug 2013 08:42:39 +0000
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