Vice-President Namadi Sambo
•Geometric Power heads to court over lease agreement
THISDAY INVESTIGATION
Chika Amanze-Nwachuku
The power sector reform, which has entered the most critical stage, might run into a hitch as pending legal, labour and financial issues are yet to be sorted out.
The power sector reform, which has entered the most critical stage, might run into a hitch as pending legal, labour and financial issues are yet to be sorted out.
THISDAY learnt that the preferred bidders of the 15 of 17 Power Holding Company of Nigeria (PHCN) successor companies are unhappy over the fact that the National Council on Privatisation (NCP), chaired by Vice-President Namadi Sambo, stampeded them into signing the Transaction and Industry Document (TDI), otherwise known as the Sale and Purchase Agreements (SPAs), when critical legal, financial, technical as well as labour issues had not been resolved.
Pending full and final payment for the successor companies, the signing of the SPAs with the Federal Government last Thursday, signalled the formal transfer of both the ownership and management of the distribution and generation assets to the private sector.
THISDAY gathered that some of the preferred buyers of the PHCN assets had prior to signing the SPAs, complained that the one week notice given them by NCP was not only sudden but grossly inadequate, given that the Bureau of Public Enterprises (BPE), the NCP implementation arm, had in January proposed that the handover ceremony be performed in the second quarter of 2013.
THISDAY gathered that some of the preferred buyers of the PHCN assets had prior to signing the SPAs, complained that the one week notice given them by NCP was not only sudden but grossly inadequate, given that the Bureau of Public Enterprises (BPE), the NCP implementation arm, had in January proposed that the handover ceremony be performed in the second quarter of 2013.
No comments:
Post a Comment