By Clara Nwachukwu & Mike Eboh
All things being equal, the Federal Government may have raked in about $2.238 billion or N358.045 billion from the sale of 15 Power Holding Company of Nigeria, PHCN, successor companies, which transaction deadline ended yesterday.
The amount represents 7.18 percent of the national budget of N4.987 trillion in 2013, making it the biggest privatisation sales ever in the history of Nigeria and Africa.
The sum is derived from the $559.44 million already paid by the 14 bidders as 25 percent of the total cost of their bids for the respective distribution (Discos) and Generation (Gencos) companies unbundled from PHCN.Already economic experts have called for prudence in the spending of the funds, saying “the government should account for the disbursement of the money properly; it should not be used for politics.”However, there was no official confirmation on the proceeds realised from the National Council on Privatisation, NCP, or the Bureau of Public Entreprises, BPE, which executed the sales.NCP Chair speaksChairman, Technical Committee of NCP, Mr. Atedo Peterside, told Vanguard on telephone that at least 13 of the 14 bidders that had paid their 25 percent bond for the 15 PHCN successor companies beat the 5p.m. yesterday deadline for the payment of the balance of 75 percent of their bids.
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