Power Privatisation: We Have Disappointed Our Western Critics, Says FG

 

Minister of Power, Prof. Chinedu Nebo

• MO commences formal registration of NESI participants

• Begins handover of PHCN assets to new owners next week

Chineme Okafor in Abuja


Delighted by the level of progress made in its electric power privatisation programme, the federal government yesterday said the payment of 75 per cent balance of bidprices for successor generation and distribution companies created from the unbundling of the Power Holding Company of Nigeria (PHCN) had shamed pessimistic criticisms from western countries and institutions.

The government, through the Minister of Power, Prof. Chinedu Nebo, stated in Abuja, that doubts initially expressed by most western countries and institutions on the ability of preferred bidders of  the PHCN assets to pay up for the assets had been proved wrong with unfolding events in the country’s power sector.

Speaking at a forum organised by the Operator of the Nigerian Electricity Market (ONEM), otherwise called the Market Operator (MO), to officially commence the registration of all licensed participants in Nigeria’s Electricity Supply Industry (NESI), Nebo explained that most western countries and institutions had prior to the payment of the bid amounts in the ongoing privatisation process noted that the country may not achieve the expected outcomes from the process         

 

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