Nigeria’s Electricity Privatization: Power Minister Hands Over PHCN To Private Investors

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.

phcn privatizationPhoto 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.

11 thoughts on “Nigeria’s Electricity Privatization: Power Minister Hands Over PHCN To Private Investors

  1. My good people of nija, I thank God although na the same people but with the new management, over a short period of time: there will be a great positive improvement in our power sector. Our country Nija has all it takes to get things right but wrong people are greater in number in the management of our resources. Nepotic Politics, another issue. God will help us.

  2. is this picture real? why hand over to a muslim? the same northern and western muslims that have finished nigeria? cattle rearers needs no light, why not hand over to people that knows the usefulness of steady power? i pray that this plan will work.

  3. Obinna, you are not too far from the truth. But those Adamu’s are upgrading these days. I know with the intervention of God, we would have a positive change.

  4. I hope this time we get Light not NPA,i pray to God Almight to give us light 24 0 7 like Gahana, we are so call super power of Africa no Light in 2013 go to S. Africa even poor Niger they have light all day.

  5. Change is constant…. i think the only reason why they dissolved PHCN is bcos they aint meeting up to our electricity demand, so if this new management fails to meet up too, then definetely ,change will take place in due time…

  6. Nigeria is growing 4rm bad to worse handing over to another management wil not chang the situation, Nigeria have been battling 4 constant power supply 4 a long time nw but we still dnt have it OBJ try but no way nw 4rm NEPA to PHCN 4rm PHNC to DGTC. Imagine ghana they are taping light 4rm us nd the have electricity more than us. I’m comfortable with the light of God in my life

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