Nov 2nd, 2013 – Private Investors Take Over Nigeria’s Power Electricity, PHCN Power Holding Company Buried
Nigerian Electricity Privatization: Power Minister Hands Over PHCN To Private Investors In Abuja
The end might have come to electricity problem in this country as a ground burial ceremony service held in Abuja yesterday for the dysfunctional Power Holding Company of Nigeria, PHCN.
Across Nigeria On Friday, the FG completed the final burial rites for the Power Holding Company of Nigeria, handing over to private investors some of the companies unbundled from the company, derided by Nigerians for its inefficiency in not being able to supply electricity to them.
Photo from handling over in Ibadan Oyo State
The investors who have become beneficiaries of the nation’s privatisation drive include Seoul-based Korea Electric Power Corporation as well as local investors.
“The PHCN (Power Holding Company of Nigeria) has essentially ceased to exist,” Power Minister Chinedu Nebo said at a brief ceremony while handing over the Abuja (power) Distribution Company to its new owner, Kann Consortium Utility Company Limited. The company was represented by its chairman, Alhaji Shehu Salami, a prince of the Sokoto caliphate.
“We now have distribution, generation and transmission companies. So, it is no longer PHCN,” Nebo said.
West Power and Gas Limited took over the biggest of the distribution companies, Eko Distribution Company at a ceremony im Marina, Lagos.
The handing over was done by Minister of Industry and Commerce, Olusegun Aganga. He represented the Vice President Namadi Sambo, who chairs the National Privatisation Council.
Hope this will resolve electricity problem in Nigeria.