The outstanding matters in the privatisation of the companies include the non completion of payment for Enugu and Sapele Power Plc a development which compelled the National Council on Privatisation, NCP to seek the intervention of the Federal Ministry of Justice.
Specifically, the NCP tasked the Federal Ministry of Justice to determine some issues, including whether the Reserve Bidder or the Preferred Bidder of the Sapele based plant should pursue the transaction to its logical conclusion.
Investigations showed that stakeholders, especially the Bureau of Public Enterprises, BPE, Ministry of Power, NCP and Ministry of Justice have gone far in sorting out these and other issues to pave way for successful handing over of the privatized firms on November 1, 2013.
The Attorney General and Minister of Justice, Barrister Mohammed Bello Adoke said in a telephone interview that he did not have the facts as he was outside the country for official engagements. But another source in the Ministry who preferred not to be named said, “It is not good for us to declare our intervention publicly.
It is better to present it officially to NCP. He said, “All the Ministry can say at this stage is that we are almost through with the legal interpretation of the case. We give priority to it because it is not good for us to delay the privatisation of the GENCOs and DISCOs.
The official said, “The privatization of the GENCOs and DISCOs constitutes a major part of President Goodluck Jonathan’s administration reforms that is targeted at bringing about significant improvement in the state of power supply. Our intervention will assist to accomplish that ambition as soon as possible.
The Chairman of National Council on Privatisation, NCP Technical Committee, Mr. Atedo Peterside said that negotiations were ongoing with preferred bidder for Afam after which payment would be made. He said, “Payment is only due via two installments of 25percent and 75per cent upon the completion of negotiations. Negotiations are not yet finalised.
Information from National Mirror was used in this report.