Power

PHCN’s investors grumble over assets handover

Sep 16, 2013

Investors in the Power Holding Company (PHCN) successor firms are grumbling. They are yet to take over the companies after paying the bid price on August 21. The modalities for their takeover of the firms spread across the country are still being worked out. Besides, labour issues are yet unresolved. “The entire arrangement is unclear,”…

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I‘ve no hand in sale of Enugu Disco – Dame Jonathan

Sep 16, 2013

The office of the First Lady has denied reports in an online publication that the First Lady, Dame Patience Jonathan, was behind the crisis in the sale of Enugu Distribution Company, saying it is ‘speculative journalism at its worst’ and should be ignored. Reacting to the publication that the First Lady, and the Vice President…

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Investors demand interest payment after delay in handover of power assets

Sep 16, 2013

Following the failure by the Bureau of Public Enterprises (BPE) to hand over the power distribution and generation assets to the core investors that met the August 21 deadline for the payment of the 75 per cent of the transaction value of the assets, the investors have written to the privatisation agency, demanding payment of…

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Ministry clears air on Zungeru power project cost

Sep 15, 2013

The Federal Ministry of Power has described as “unfair” insinuations that the contract award for the Zungeru Hydroelectric Power Project was excessively high. The ministry made this rebuttal in a statement at the weekend while responding to a recent newspaper publication (not The Nation) which attempted a cost analysis of the contract and concluded that…

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BPE generates N251.5bn from 122 privatised firms

Sep 15, 2013

The Bureau of Public Enterprises, BPE, generated N251.5billion from 122 privatised firms handled from 1999 -2012, the Director-General, Benjamin Ezra Dikki, has disclosed. Dikki, who spoke while receiving a team from the Standard & Poors’ and Fitch Rating Agencies on a visit to the Bureau, said out of the amount, N147billion was remitted to the…

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Second edition of Power Nigeria to take place in October 2013

Sep 13, 2013

Nigerians most deprived of grid-based electricity in the world; government embraces renewable resources to generate 40,000 megawatts by 2020. Lagos, Nigeria, 16th September, 2013: The Nigerian government has set a target of generating 10,000 megawatts of electricity by the end of 2013 and 40,000 megawatts by 2020 to combat the growing power crisis in the…

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FG to hand over power firms on October 1

Sep 12, 2013

The Director General of the Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, has said that PHCN successor companies would be handed over to their new owners as from October 1, 2013. Dikki,who made this known at a breakfast meeting of the Lagos Business School in Lagos yesterday said with the power sector in private…

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Interstate Electrics may lose Enugu Disco

Sep 12, 2013

The successful bidder for Enugu Distribution Company, Interstate Electrics, may lose its bid, according to the feelers from the meeting of the Technical Sub Committee of the National Council on Privatisation, NCP, yesterday. The bid, it was learnt, may be awarded to the reserve bidder, Eastern Electric. The Sub Committee met yesterday to re-evaluate the…

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Firm invests N1.6bn in Magboro 90MW power plant

Sep 12, 2013

An electricity investment firm, Bresson AS Limited, has announced that a total sum of $10m (N1.6bn) has been invested in its 90 megawatts Magboro power plant along the Lagos-Ibadan Expressway, Ogun State. It said another $90m (N14.4bn) would be invested in the plant to complete the project. The Chairman, Bresson AS Limited, Mr. Gbenga Olawepo,…

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FG inaugurates company to take over PHCN functions

Sep 11, 2013

The Federal Government on Tuesday inaugurated the management team of the Electricity Management Services Limited, a new company that will take over some non-core professional services of the Power Holding Company, which will soon to be declared defunct. The Nigerian Electricity Power Sector Reform Act, 2005 provided for the EMS, which has been incorporated as…

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