BY EMMA UJAH, ABUJA BUREAU CHIEF ABUJA—

The Federal Government will hand
over privatized successor companies of the Power Holding Company of Nigeria, PHCN, to
private investors on September 21, 2013, if the investors pay on schedule.

The Director-General of the Bureau of Public Enterprises, PBE, Mr. Benjamin Dikki, disclosed this in an interview in Abuja.

He disclosed that the PHCN privatization was expected to earn the Federal Government
about $2 billion. Dikki said: “To purchase this Power Holding
Company, over $2 billion will be paid by the bidders, and that is because the investors can see a clear investment horizon. They
don’t have to go and lobby anybody, all they require is to meet the technical requirement,
go to the regulatory authority, apply for licence and they are limited by their own ingenuity and their access to the capital.
“When they pay by September 21, we will hand over the companies to them or anybody who pays earlier and then they begin to operate.
“Labour issues have been resolved and the
implementation committee on settlement of
the PHCN staff terminal benefits commenced
payment of N118 billion to the over 20,000
PHCN staff, at the beginning of this month”.
The BPE boss said the privatization
programme of the Federal Government had
significantly opened up the Nigerian
economy by creating the right atmosphere
for greater private sector participation in
several key sectors.
He said the telecommunications sector
stood out in terms of attracting massive
foreign investment, which he put at about
$40 billion to date.
His words: “The Nigerian economy is
becoming more and more liberalised. So, we
in the Bureau of Public Entreprise are not
surprised. That is what we have been
working for.
“That is the benefit of the reform, which the
Bureau of Public Entreprise has been
spearheading and also in consonance with
the transformation agenda of President
Goodluck Jonathan’s administration”.
“What this transformation agenda is doing
is to create an enabling environment for the
private sector investment in the country and
that has given rise to reform activities in
various sectors.”

www.vanguardngr.com/2013/08/privatization-fg-hands-over-phcn-to-new-investors-sept-21/

Is this for better or for worse? This makes nigerians be at the mercy of some rich people planning to retrench qualified staff and employ faf (fam and frnds). God bless Nigeria and forgive our greedy leaders planning to siphon huge funds. Definitely we'll soon start importing light. Dont give me that stare, how do u expect me to trust them at this point? :/