16 September 2013, Port Harcourt – The Chairman, Round Table Committee of 11 companies that bought Power Holding Company of Nigeria, PHCN, Mr. Ransom Owan, said the Federal Government will regulate the electricity tariffs to protect consumer’s right.
Owan made the disclosure in a chat with the News Agency of Nigeria, NAN, in Port Harcourt on Sunday.
He said companies which bought the PHCN had paid up as at August 21 and would soon commence operations.
Owan said electricity prices were controlled and governed by the Nigerian Electricity Regulatory Commission as the protector of the consumer.
He said the new PHCN owners would treat the consumers as “kings’’ since they stand to pay for the industry’s financial responsibilities.
“Why won’t the consumer be king when generation, transmission and distribution of power are paid for by the consumer through rates that are controlled,’’ Owan said.
The chairman said the new electricity owners were not expected to exceed the prescribed regulated price by the commission.
He urged consumers to remain confident as their interest would be protected in the regulation of tariffs.
Owan also said that all existing staff of PHCN would be paid off 100 per cent by the Federal Government in line with labour unions demand.
He said the new owners of PHCN also had an agreement with the government to retain some PHCN employees for a period of six months for continuity.