samboThe Federal Government has said that it will not hesitate to sanction any core power investor that does not deliver on performance agreement that was executed with the government.

The Vice President, who is the also chairman National Council on Privatization, Arc. Namadi Sambo, stated this at the weekend while handing over the Geregu Power plant in Ajaokuta Local Government area of Kogi State to the new investor, Amperion Power Distribution company.

The Vice President, who was represented by a member of the NCP Bar. Yunus Usman, warned investors that took over the power plant to adhere strictly to the terms of agreement in the privatization arrangement.

“Both BPE and Nigeria Electricity Regulatory Commission will continually monitor the operations of the successor companies and would not hesitate to sanction any core investor that does not deliver on the performance agreement that was executed with the government,” he said.

According to him, the challenge now for you is to ensure that the successor company that is being handed over to you today is transformed to a world class company in terms of quality of service delivery, social corporate responsibility, customers’ satisfaction and profitability.

The Chief Executive Officer of Forty Oil, Akin Akinfemwa, who received the Certificate of Ownership on behalf of the Amperion Power Distribution Company, said the company would do its best to meet the aims of the Federal Government towards having stable power supply.

 

Information from Daily Trust was used in this report.

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