Friday, November 1, 2013

FG hands over successor companies of PHCN to new owners

The Vice President, Alhaji Namadi Sambo, yesterday, handed over 11 power distribution and five generation companies, created out of PHCN, to their private owners on behalf of the Federal Government.

Throughout the observance, Sambo, who was represented at all the occasions, said the privatisation of the country’s power part would lead to larger effectiveness.
talking in Ibadan at the presenting over of Ibadan electrical energy Distribution business (IEDC) to the new owners, the Integrated power Distribution business and Marketing, the Vice President said: “It needs to be reinstated that the electricity power restructure programme became imperative in alignment to advance efficiency, reduce deficiency and cost.

“No doubt, this restructure will lead to increased access to electrical energy, engender personal part investment, improve infrastructure, and create employment for the growing population,’’ he said.

The vice president, who is head person of nationwide Council on Privatisation (NCP), was comprised by the Permanent receptionist, Federal Ministry of investment, Mrs. Anasthasia Nwaobia on the occasion.

Sambo said that the excursion for the privatisation of power begun in 1999 with the inauguration of the Electric Power Implementation managing group (EPIC), supplementing that private sector participation would bring higher lifetime capacities.

“This will be made likely through the provision of more efficient and cost effective power positions and improvements in electric power circulation in areas of billing, assemblage and transmission networks,’’ he said.

presenting over the Abuja circulation Company Plc (DISCO) to its new owner, KANN Consortium Utility business Ltd, in Abuja, Sambo said the event was taking location simultaneously at the head office of the state capitals over the homeland.

He clarified that the handover was borne out of 14 years of painstaking efforts by NCP and the Bureau of Public Enterprises.

He documented that Nigeria would not attain its desired economic development without ample power provide, adding that this acquainted the power sector restructures.

The vice leader said that the critical events started in 1999 with the inauguration of the electrical energy Power Implementation managing group, which led to the development of the National electrical energy Power Policy of 2001.

Sambo said that the opening of the commerce to personal hands would conceive job opportunities, advance effectiveness furthermore engender personal part investment, amidst others.

He said that the trials opposite the part were enormous as well as its advantages, noting that government would conceive an enabling natural environment that would suit the investors.

The Sapele lifetime Company was not influenced by the workout because the NCP administered its lawful managing group to undertake a comprehensive lawful reconsider of the status of the company.

This was as a outcome of the favoured bidders’ malfunction to entire fee for the company


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