A Review of the Nigerian Energy Industry

PHCN successor companies to seek alternative funding

PHCN protest19 May 2013, Abuja – President Goodluck Jonathan has instructed the ministry of power to seek an alternative funding for the successor companies of the Power Holding Company of Nigeria, PHCN to achieve stability till the preferred bidders take possesion.

Amb. Godknows Igali, the Permanent Secretary, in the ministry of power made the disclosure while addressing the senate committee on power who paid an oversight visit to the ministry, adding that owing to zero allocation, the PHCN successor companies comprising of generation and distribution companies (gencos and discos) were having a hard time financing their operations.

He disclosed that President Jonathan has directed the minister of power to get alternative means to fund the companies for them “to be able to fix cables and wires” until the new owners take possession of them.

Chairman of the Senate committee on power, Senator Philip Aduda advised the minister to ensure that all labour related issues of PHCN workers were settled to avoid litigations or other problems that could reverse the modest gains made so far.

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