PHCN privatize at Last

The Power Holding Company of Nigeria(PHCN) has finally been privatized as the handing over was formally done by President Goodluck Jonathan Yesterday.

The licenses and share certificate was issued to the private organisations by the president himself at Aso Rock. while speaking, he told the new owners that the Liabilities of the power sector has now been transferred to the Nigerian Electricity Liability Company (NELMCO) to be managed. The new organisations also vowed to take over the sector without any liabilities.

Further speaking, The president made it clear that adequate measures will be taken to ensure that NELMCO will be properly funded so as to implement projects that will aid the stabilizing and expanding of the transmission grid.

According to the president, the successful hand-over of the companies underscored the transparent manner the process was conducted as acknowledged by both local and foreign investors.

He says “Going forward, this administration is committed to providing all elements are necessary for our private sector partners to succeed in providing Nigerians with uninterrupted power supply. To start with, the Nigeria Bulk Electricity Trading Company, NBET, the off-taker, has been provided with a capitalisation of over $750 million, positioning it to carry out its mandate without financial constraints.”

President Jonathan promised Nigerians that “ things can only get better, from this point onwards”, as he assured PHCN workers they will be paid their full severance packages

“Carefully worked out measures are also being taken to address all other issues, particularly the resolution of labour-related issues. In partnership with the labour unions, we have been able to come up with an outcome that is beneficial for all stakeholders. As earlier pointed out by the Minister of Power, Professor Chinedu Nebo, the payment of all labour related benefits commenced in August this year, and is almost concluded as a condition precedent to today’s event.

“It is important to say to our labour partners, who we know to be patriotic Nigerians that they should not nurse a feeling of displacement, but dwell on the tremendous possibilities partnering with the government through the reform process and urge them to continue in this spirit for the greater good of all Nigerians,” Jonathan.

however, workers of the PHCN were totally against this new development as they protest against the hand - over. They Threatened to shut down the power sector from Wednesday and vowed that the new development will not succeed until the Government pay their benefits and settle other issues.