Finally, New Owners take over PHCN
Busolami Idowu
The Federal Government of Nigeria has successfully handed over the Eko Distribution Company, Marina, Lagos to its new owners and core investors, West Power and Gas Limited.
The ceremony took place in 10 different venues simultaneously across the country where other PHCN facitlities were handed over to core investors and new owners.
Performing the ceremonial handover in Lagos today, the chairman of the National Council on Privatisation, Vice President Namadi Sambo, represented by the Minister of Industry Trade and Investment, Olusegun Aganga, said that the Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) would monitor the operations of the core investors to ensure they stick to the rules of engagement.
He also expressed optimism that Nigerians will begin to reap the fruits of the privatisation process.
According to a statement by the Head, Public Communications of BPE, Chigbo Anichebe, the successor companies to be handed over and their new owners are Abuja Distribution Company (KANN Consortium Utility), Benin Distribution Company (Vigeo Power Consortium), Eko Distribution Company (West Power & Gas), Enugu Distribution Company (Interstate Electrics Ltd) and Ibadan Distribution Company (Integrated Energy Distribution & Marketing Ltd).
Others are Ikeja Distribution Company (NEDC/KEPCO Consortium), Jos Distribution Company (Aura Energy Limited), Kano Distribution Company (Sahelian Power SPV Ltd), Port Harcourt Distribution Company (4Power Consortium) and Yola distribution Company (Integrated Energy Distribution & Marketing Ltd).
The Generation Companies are Shiroro (North-South Power Company), Kainji (Mainstream Energy Solutions Ltd), Geregu (Amperion Power Distribution) and Ughelli (Transcorp Ughelli Power Plc)