“I CAN tell you that PHCN has almost ceased to exist now. Once the
Transitional Electricity Market is declared in a few weeks time, that is the end
of PHCN. Functionally, it has ceased to exist, but there must be a formal
hand-over and once that takes place, they will finally cease to exist.”
In the above words, Minister of Power, Prof. Chinedu Nebo, formally
inaugurated officials of the Electricity Management Services Limited (EMS) to
take over all functions of the Power Holding Company of Nigeria (PHCN) that were
left after it was unbundled into 18 successor companies.
Meanwhile, following the 21-day extension given to it to pay up the balance
of $93 million for Enugu Electricity Distribution Company (DISCO) PLC, the
preferred bidder, Interstate Electrics has finally concluded payment, sources at
the National Council on Privatization (NCP) have said.
The Guardian learnt from a source privy to the meeting of the Technical
Sub-Committee of the NCP Tuesday that it decided to hand the utility over to
Interstate following a submission from the Bureau of Public Enterprises (BPE)
that the firm had paid up the last tranches of the 75% pending payment.
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