• Govt Should Offset Liabilities Before Demanding Payment, Say
Buyers
A SORT of stalemate dogs the power deals as the August 21 deadline set for
preferred winners of assets of the Power Holding Company of Nigeria (PHCN) to
pay the 75 per cent balance of the bid prices approaches.
The situation is compounded by the position of the prospective owners of
the distribution companies (DISCOs) who are asking the government to show good
faith and settle all liabilities before demanding balance payment from them.
They are worried that, once government collects balance from them, it would
relax efforts to offset outstanding obligations; a situation, they fear, will
put them at loggerheads with the workers.
In the past week, silence and palpable confusion seem to have been the
case. Indeed, the new owners gave strong indications that the date would not be
possible, urging government to consider a further shift. There is also growing
concern over other implications of the delay for labour issues
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