The Federal Government has established transitional committees to complete the privatisation of the nation’s electricity generation companies, GENCOs and distribution companies, DISCOs.
This is in compliance with Share Sale Purchase Agreement (SSPA) approved by the National Council on Privatisation (NCP) transitional committees for the 15 Power Holding Company of Nigeria (PHCN) successor firms, whose preferred bidders have paid 25 per cent of the bid value have been constituted.
The committees were inaugurated yesterday by the Chairman of the NCP Technical Committee, Mr. Atedo Peterside.
Earlier, 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.
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