The Goodluck Jonathan Administration has just gained significant confidence of the power sector investment community with the signing of a range of industry and transaction agreements that will pave way for successful generation and distribution companies to take control of the new corporate entities unbundled from the PHCN. With this development, in the next 15 days the 15 bidders that have emerged are expected to make a 25 percent down payment of the share purchase price and in 90 days pay the outstanding 75 percent to complete the transaction in keeping with the terms of the sale and purchase agreements or shareholders’ agreements they signed in Abuja recently.
The process that formally commenced in 1999 with the inauguration of the Electric Power Implementation Committee and the development of the National Electric Power Policy two years later had been literally crawling along until President Jonathan gave it a much welcome jolt of commitment and action that brought it to virtual fruition in barely two years. No wonder the atmosphere at the agreement signing event was alive with investor glee amid strong optimism about the timely completion of all the pending processes simultaneously with other aspects of the administration’s acclaimed power reform agenda, especially attainment of stability and sufficiency in power supply, which are also progressing according to plan.
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