A Review of the Nigerian Energy Industry

BPE says no secret takeover of PHCN firms

Acting-Director-General-BPE-Mr-Benjamin-Dikki27 May 2013, Abuja – The Bureau of Public Enterprises, BPE, has said the Federal Government had not secretly handed over the 15 successor companies of the Power Holding Company of Nigeria to their core investors.

BPE spokesman, Mr. Joe Chigbo Anichebe, stated this in a statement from Abuja, saying there was no truth in the report that the successor companies had been handed over to the core investors without their payment of the balance 75 per cent of the bid prices.

According to him, what had happened is the the National Council on Privatisation, NCP, approval of the constitution of Transition Committees for the 15 PHCN successor companies whose preferred bidders had paid 25 per cent of the bid value.

“The successor companies would be formally handed over to the bidders after full payment in a ceremony that will herald the takeover of the power sector by the private sector,” he said.

The new transition committees, he said, is saddled with ensuring the smooth transition of the management and operational control of the successor companies to the buyers in addition to allowing the buyers access to the companies in order to prepare for the implementation of their business plans laid out in their proposals.

Anichebe said in another statement that the NCP, headed by Vice-President Namadi Sambo, has also approved the commencement of the privatisation process of the Abuja Securities and Commodities Exchange, ASCE. It approved the formation of a steering committee for the purpose, with Industry, Trade and Investments Minister, Mr. Olusegun Aganga, as chairman.

Anichebe also disclosed that the BPE was, meanwhile, working to ratify a list of companies shortlisted to take part in the financial bids opening for two electricity companies – the Kaduna Electricity Distribution Company and Afam Power Plc.

The bureau was also working for approval from the NCP for a date to open the financial bids submitted by bidders that have been technically qualified, he said.

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