#newton Jonathan hands over PHCN to new owners amidst workers’ protest. ABUJA-After months of planning, President Gooduck Jonathan, yesterday, formally handed over the unbundled Power Holdings Company of Nigeria, PHCN, to private organisations that bought it, with a pledge that they would take over the companies without any liabilities. The president handed over the power companies amidst protest nationwide by PHCN workers over unresolved labour issues The president who personally gave out the licenses and share certificates to the investors at the Aso Rock Villa told the new owners that liabilities of PHCN had been pooled together to be managed by Nigerian Electricity Liability Company, NELMCO. His words, "arrangements are also on-going to ensure that NELMCO is adequately funded, to assume liabilities associated with the privatisation of the PHCN successor companies, as well as other related liabilities. Various options are being explored for funding the TCN, so that it is able to implement projects that are key to stabilising and expanding the transmission grid." Five generating companies and 10 distribution companies received share certificates from President Goodluck Jonathan who also promised that the physical hand over of the assets would be undertaken at the end of this month. Do you think the privatisation of the power sector will bring the needed solution to the problems of power failure? Your views please... All the way!
Posted on: Wed, 02 Oct 2013 07:04:02 +0000