SENIOR CORRESPONDENT, Adeola Yusuf
sheds light on the on-going sale of various assets of the Power Holding Company
of Nigeria (PHCN), and reports that the power tussle between the Federal
Government and the electricity workers’ unions has become a major setback to the
power sector’s reforms.Members of Nigeria’s House of Representatives were last Wednesday
forced to adjourn plenary session, due to power outage at the lower arm of the
National Assembly.
The power cut, which was intermittent, affected the public address system in
the House. Speaker, Aminu Tambuwal, who presided over proceedings, had to
postpone sitting till following day.
As this was going on, the race to buy over the Power Holding Company of
Nigeria (PHCN) hot up as the Bureau of Public Enterprises (BPE) confirmed the
receipt of $559 million from 14 prospective buyers of 15 successor companies.
This amount represented 25 percent of the offer value of the 15 PHCN companies,
with some making payments just before the Thursday, March 21 deadline.
While the buyers were racing forward to become core investors in the PHCN
successor companies, the tussle between the Federal Government and workers, is
stalling efforts to reform the sector
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