NEW OWNERS TAKE OVER PHCN TODAY, NOVEMBER 1ST, 2013

Vice-President and Chairman of the National Council on Privatisation
(NCP), Alhaji Namadi Sambo, will tomorrow formally hand over the
physical assets of 14 Power Holding Company of Nigeria (PHCN)
successor companies to their new owners.
The hand over would coincide with the decision by the National Union
of Electricity Employees (NUEE) to withdraw its members from all the
PHCN facilities across the country by tomorrow.
The federal government yesterday disclosed that it had paid a total of
N214.22 billion to 40,093 workers of the workers as severance
allowance.
The event is expected to occur simultaneously at the headquarters of
the successor firms across the country where the vice-vresident would
be represented by the ministers and other top government
functionaries.
However, a statement from the Bureau of Public Enterprises (BPE),
which was signed by its spokesman, Chigbo Anichebe, and made available
yesterday, said the Sapele Generation Company (SGC) would not be
affected by the exercise since the NCP had directed its legal
committee to undertake a comprehensive legal review of the status of
the company following the failure to complete payment by the preferred
bidder.
In a related development, the successor companies expected to be
handed over to the new investors include Abuja Distribution Company
(owned by 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
Limited).
Others are: Ikeja Distribution Company (NEDC/KEPCO Consortium), Jos
Distribution Company (Aura Energy Limited), Kano Distribution Company
(Sahelian Power SPV Limited), Port Harcourt Distribution Company
(4Power Consortium) and Yola distribution Company (Integrated Energy
Distribution & Marketing Limited).
The generation companies expected to be handed over are Shiroro (owned
by North-South Power Company), Kainji (Mainstream Energy Solutions
Ltd), Geregu (Amperion Power Distribution) and Ughelli (Transcorp
Ughelli Power Plc).
Top government functionaries, who would represent the vice-president
at the various hand over venues are: Minister of Power, Prof. Chinedu
Nebo (Abuja), Coordinating Minister for the Economy and Minister of
Finance, Dr. Ngozi Okonjo-Iweala (Ibadan): and Minister of Petroleum
Resources, Mrs. Deziani Alison-Madueke (Enugu).

Dr. Godswill Igali (Port Harcourt), Chairman, Presidential Task Force
on Power, Mr. Beks Dagogo-Jack (Benin) and Group Managing Director of
NNPC, Mr. Andrew Yakubu (Geregu). Dikki had noted that "This handover
is a culmination of 14 years of painstaking effort by the NCP, BPE and
other key stakeholders to reform and liberalise Nigeria's electricity
industry, which began in 1999."
So far, out of the 14 successor companies scheduled for handover, a
total of US$2, 525,824,534 was realised as proceeds. Out of the
amount, US$1,256,000,000.00 came from the Distribution Companies
(DISCOs), while the Generation Companies (GENCOs) raked in US$1,
269,824,534.
The federal government has equally set aside the entire proceed of
N384 billion from the transaction to settle labour liabilities.
In its determination to resolve all labour issues before the handover,
the BPE said it had despatched a team of consultants and its staff for
the biometric data capture of 1, 478 employees of the Enugu
Distribution Company who could not be audited because of virus attack
on the system where their names were stored.
Discussing the 4Power Consortium Limited's commitment to stimulating
economic growth and improving electricity and service delivery in the
South-south region, the Managing Director of Income Electrix Limited,
a member of the consortium, Mr. Matthew Edevbie, stated that the Port
Harcourt Electricity Distribution Company (PHED) "will foster a high
performing culture that motivates employees to create value and make a
difference in the lives of customers and in the communities they live
and work."
The Chairman of 4Power Consortium Limited, Hon. Augustine Wokocha,
also said: "As a private company, we will breathe new life into PHED's
programme of investment and innovation, and this will enable us to
become the most efficient and sustainable utility company in Nigeria.
That means our customers can expect an increasingly reliable power
supply and also far better services."