Power

DFIs, banks waiting to finance $4.5bn NIPP plants purchase

Oct 17, 2013

Following the successful privatisation of the Power Holding Company of Nigeria’s (PHCN) 10 distribution companies (Discos) and five generation companies (Gencos), development finance institutions (DFIs) and Nigerian banks are increasingly keen to mobilise funding for prospective buyers of the assets of the 10 new National Integrated Power Projects (NIPPs), BusinessDay has learnt. The 10 new…

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Labour petitions govt over handover of PHCN assets on Nov. 1

Oct 17, 2013

Citing pending issues, the Nigeria Labour Congress (NLC) has petitioned the Federal Government faulting the planned November 1, 2013 handing over of the Power Holding Company of Nigeria (PHCN) to the new investors without the conclusion of payment of terminal benefits, retirement savings fund and remittance of two per cent of the union deductions as…

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Manufacturers to build power plants in 28 business clusters

Oct 17, 2013

The Manufacturers Association of Nigeria (MAN) has embarked on the construction of power plants in all the 28 business clusters around the country. This, according to the association, has replaced its initial plans to construct over 2,000MW of Independent Power Project (IPP), which it embarked upon about seven years ago. Already, the association has completed…

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Concerns over Sapele GENCO’s fate in PHCN assets privatisation

Oct 16, 2013

Privatisation of major power assets, spearheaded by the Bureau of Public Enterprises (BPE), has been largely successful, culminating in the sale of six generating companies and 11 distribution companies, but some grey areas remain to be addressed, experts and others have said. For example, an expert, Dr. Katch Ononuju, pointed to what he said was…

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Only a few PHCN workers had been paid severance benefits — SSAEAC

Oct 16, 2013

Senior Staff Association of Electricity and Allied Companies, SSAEAC, has dismissed government claims that most of the workers of Power Holding Company of Nigeria, PHCN, have been paid their terminal benefits ahead of hand-over to new owners, saying only a few workers had been paid. In a petition to the Minister of Power, the association…

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PHCN privatisation: PDP chief warns against erosion of investors’ confidence

Oct 16, 2013

A stalwart of the ruling Peoples Democratic Party (PDP), Dr. Katch Ononuju, has criticised the  privatisation  of key power assets  by the Bureau of Public Enterprises (BPE), which has led to the successful  sale of  generating companies (Gencos)  and distribution companies (Discos) unbundled from the Power Holding Company of Nigeria (PHCN). Ononuju, while speaking on…

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Why Oando is investing in the power sector

Oct 15, 2013

Oando Gas and Power (OGP) realises the correlation between electricity and the development of any society, and it is this reason that made it go into independent power production (IPP) with natural gas to close the supply gap, the firm has explained in a statement. The firm lamented that despite the abundance of sources of…

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Privatisation of GENCOs, DISCOs marks new beginning

Oct 15, 2013

Mr. Femi Salami who lives in Ikosi area of Ketu, Lagos has not witnessed consistent supply of electricity in the past six months. Despite the situation which has compelled him to depend more on private generator at higher cost, his monthly estimated bill from the Power Holding Company of Nigeria, PHCN has increased from N6,…

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World Bank pledges $1.4m for Nigeria’s power, infrastructure

Oct 15, 2013

The World Bank has pledged to support Nigeria’s power sector and infrastructure development with about $1.4m, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, announced in Washington DC, United States of America. The minister said this when she briefed newsmen on Nigeria’s delegation meeting with the bank at the Annual meeting of the World Bank and…

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FG to realise $3bn from PHCN’s sale – BPE

Oct 15, 2013

Over $3bn is expected from the sale of 17 successor companies carved out from the Power Holding Company of Nigeria, Director General of the Bureau of Public Enterprises, Mr. Benjamin Dikki, has said. Dikki said this at an investors’ forum in New York, according to a statement made available to our correspondent by the Head…

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