Business FG Hands Over Licences to New Owners of Power Plants


The Federal Government, on Monday handed over share certificates and licences to new core owners of 15 of the 18 PHCN successor companies.

The privatized power generating companies are Geregu Power Plc, Ughelli Power Plc, Egbin Power Plc, Kainji Hydro Electric Plc and and Shiroro Hydro Electric Power Plc.

The 10 privatized distribution companies (Disco) are located in Abuja, Benin, Eko, Ibadan, Ikeja, Jos, Kano, Port-Harcourt, Yola and Enugu.

The three PHCN successor companies that have yet to be handed over because of outstanding issues are located in Afam, Kaduna, and Sapele.

The handover ceremony held at the Banquet Hall of the Presidential Villa,and was presided over by President Goodluck Jonathan with the Vice-President and Chairman of the National Council on Privatisation, Namadi Sambo, in attendance.

During the ceremony President Jonathan said, "To the Nigerian people who have demonstrated such great patience and confidence, putting up often with darkness, noisy power-generating sets, the related pollution and daily disruptions in their lives, I say better days are coming.

"We do not expect the sector to be revitalized overnight, but we can all look forward to a better time very soon as we have seen in the telecommunication and banking sectors.

"I am confident that the power sector will promise no less, knowing the caliber of those who are taking over.

"Today, we embark on a journey, a journey that will usher us to a destination of enduring gain and fulfillment,’’ he said.

He further urged the affected PHCN workers not to nurse a feeling of displacement, but to dwell on the tremendous possibilities that the revitalization of the sector hold for the future.

The Vice President, speaking in the same vein said the event marked another major landmark in the transformation agenda of Jonathan’s administration.

"Electricity consumers are assured that their interests will be protected from over-pricing and poor service.

"It is important to stress that the role of regulation in a private sector-led electricity power sector cannot be overemphasized", the vice president added. (NAN)
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