Prof Chinedu Nebo
• FG pays N119.1bn to PHCN workers
James Emejo
The National Council on Privatisation (NCP) and Bureau of Public Enterprises (BPE) Monday dashed the hopes of some bidders who won the privatisation bids for the successor companies created from the unbundling of Power Holding Company of Nigeria (PHCN), when they announced that the August 21 date for payment of the outstanding 75 per cent for the power utilities remained sacrosanct as stipulated in the Request for Proposals (RFPs).
The bidders had met with the Minister of Power, Prof Chinedu Nebo, last week and expressed concerns that the federal government had not been able to meet the conditions precedent that would give their lenders comfort to finance the acquisitions.
During the meeting, they had asked for an extension of the payment deadline to pay the outstanding bid offer for the five generation and 10 distribution companies being privatised by the federal government.
They had cited outstanding labour issues, among others, which had to be resolved before payment for the assets could be concluded.
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