The National Council on Privatisation (NCP) and investors in the Power Holding Company of Nigeria (PHCN) distribution and generation companies will today discuss modalities for the handover of the entities.
Ten distribution companies and five generation companies on August 21 concluded their payment for the power firms — in line with the NPC’s power sector privatisation dateline .
The companies are: West Power and Gas; NEDC/KPECO; 4Power Consortium; Vigeo Consortium; and Aura Energy.
Others are: Integrated Energy Distribution and Marketing Company; Sahelian Power; Transcorp/Woodrock Consortium; Amperion; Mainstream Energy Limited; Kainji Power Plc and CMEC/EUAFRIC JV.
On the agenda is PHCN workers’ severance package.
The meeting, which is coming barely two weeks after the firms paid their remaining 75 per cent bids price, will also discuss how the operators will avoid the obstacles that have affected the growth of the sector in recent times.
“Following its power sector privatisation timeline, the NCP is still maintaining October as its handover period. Although the investors have paid the balance of 75% for the entities, the Federal Government will clear all liabilities before releasing the plants to the new owners. Therefore, the issue of handover will be in October as stated in the dateline,” said an NCP source.
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