The federal government has said it would begin the handover of the privatised assets of the unbundled Power Holding Company of Nigeria (PHCN) to the new owners next week. Although government did not give a specific date for the handover, but the Minister of Power, Prof. Chinedu Nebo who spoke through the permanent secretary in the ministry of power, Amb. Godknows Igali in Abuja yesterday, said the handover will begin to take place from next week.

He spoke at a forum to officially commence the registration of all licenced participants in Nigeria’s Electricity Supply Industry (NESI) which was organised by the Operator of the Nigerian Electricity Market (ONEM), otherwise called the Market Operator (MO). He said: “We congratulate our brothers and sisters who have galvanised to invest in the power assets, this is an example of the Nigerian resilience. We hope to sign off protocols to handover the assets to the new owners next week, this shows that the NESI is going in for a big explosion.”

Expressing delight over the level of progress so far made in the privatisation programme, the minister maintained that the payment of 75 per cent balance of bid prices for the successor generation and distribution companies has proved pessimists from western countries and institutions wrong. “Recent events in the power sector have shown that Nigeria has the resilience to do the right things. Let me tell you that we have been meeting with western countries and they have continually expressed fears that the preferred bidders will not meet up with the payment for their acquired assets, but now that has been proved wrong because the bidders have paid,” Nebo said.


Information from Leadership was used in this report.