Successor companies of the Power Holding Company of Nigeria (PHCN), yesterday got their certificates after having successfully paid the statutory 25 percent initial bid fee to commence the take-over of the companies at the occasion of the Presidential Power Reform Transaction Signing Ceremony (PPRTSC) in Abuja.
The event, which had President Goodluck Ebele Jonathan, the Vice President Namadi Sambo, and other industry captains in attendance was described by the Minister of Power, Prof Chinedu Nebo, as ground-breaking; “This ceremony represents a major milestone in the government’s power reform initiative, as you will agree with me, and to the credit of my predecessor in office, we have made great strides and have recorded major success in the achievement of the power reform.”
Recall that after the bidding process conducted by the Bureau for Public Enterprise (BPE), 15 successor companies emerged as preferred bidders including ten (10) Generating Companies (GenCos) and five (5) Distribution Companies (DisCos) who paid up 25 percent the initial bid prices for which they have received certificate for; these companies are also expected to the balance of 75 percent within the next six months.
Nebo identified some of the challenges currently facing the sector reforms to include overlapping due to the unprecedented size and scope of the reform programme, and also the outstanding unresolved labour issues.
He, however, pointed out that the “Resolution of the labour issues is at an advanced stage; we expect to conclude all labour severance settlement issues before the end of June 2013.