A Review of the Nigerian Energy Industry

Atedo Peterside says sale of PHCN firms in order

22 October 2012, Sweetcrude, LAGOS – MR. Atedo Peterside, chairman of the technical Committee of the National Council on Privatisation, NCP, has challenged those criticisng the recent sale of the Power Holding Company of Nigeria, PHCN, companies by the Bureau of Public Enterprises, BPE, to prove their case.

The sale of the PHCN’s power generation and distribution companies has come under sharp criticisms from the governors of four states – Ondo, Edo, Ekiti and Delta – who jointly bidded for the Benin Distribution Company, but lost to the Vigeo Consortium.

Following this, they described the process leading to the sale as fraudulent.  The National Union of Electricity Employees, NUEE, also says the sale amounted to “daylight robbery”.

Reacting to the development, Peterside urged that criticisms of the sale should indicate which rules in the privatisation process that was breached, insisting that the rules were followed to the letter.

“It is sad that in year 2012 that some Nigerians will not go and read the rules before they (losers) rush to make comments. The rules (Request for Proposal) are in 72 pages. They should cite which rules were breached,” Peterside, who is also the Chairman of Stanbic/IBTC Bank, said.

He continued: “If they read and understood the rules, they will comprehend that the rules were followed to the letter from the very first day of the transactions. They all took part in a race and the final results have not been announced. So, if they are now faulting the entire process, it shows that something is wrong.”

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  • Atedo Peterside is an accomplished, well respected gentleman who is not given to flipant commentary. If this is his position on the matter, we are inclined to take him seriously. However, if the privatisation process is to succeed, we urge him to equally take the state governors’ threat to sabotage Vigeo’s activities seriously. Nothing stops the NCP and indeed the BPE from engaging these governors with a view to finding an amicable resolution of outstanding issues.

  • Nigeria where white is black and black is white, so because Mr Peterside said so there where no irregularities? Just asking

  • I dnt what my Bros is saying is in order? why is there still minister for power, why budget for d office wen its purpose its been sold out? and most of all why must Abdulsalami Abubakar buy? he wz in power for a waste 8~9 wasted months, joined in killing NEPA, looted this country, did nothing in office, Abiola died under him, conducted D worst election in Nigeria, jst bcos he handed over power, D Cabals parted him at D back. No govt had thought abt Abdulsalam loots in office, instead they’ve dashed him PHCN. No problem all is in order.

  • If the federal govt is selling becos govt should have no business in business, why should state govts buy?