Electric power transmission lines
WorldStage Newsonline-- Bureau of Public Enterprises (BPE), Wednesday said it has constituted transitional committees for the 15 Power Holding Company of Nigeria (PHCN) successor companies whose preferred bidders have paid 25 per cent of the bid value in compliance with Share Sale Purchase Agreement (SSPA) approved by the National Council on Privatisation (NCP).
According to a statement, the committees were inaugurated on Wednesday, April 3, 2013, by the Chairman, Technical Committee of NCP, Mr. Atedo Peterside.
The Acting Director- General of the Bureau of Public Enterprises (BPE), Mr. Benjamin Ezra Dikki, explained that each successor company had a three-member committee.
The members are each from the BPE, the management of the successor company and the preferred bidder. The BPE nominee is the chairman of each committee.
According to Dikki, both BPE and the new owners have a mutual interest in ensuring the companies operate in a way so as to maintain the value of the company during the transition period.
He added that the transition period could be within a month or a maximum of six months depending on full payment.
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