15 October 2013, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has asked new owners of privatised Power Holding Company of Nigeria (PHCN) to exercise some restraint in their fervent demand to be handed over their acquired power utilities.
Chairman of NERC, Dr. Sam Amadi, disclosed to the investors in Abuja that there was more to the process of handing over the assets to new owners in view of their strategic importance, adding that it would be reckless for government to just hand over the assets without due consideration of certain factors such as security.
He said, at a public hearing on the draft interim rule to guide the Nigerian Electricity Supply Industry (NESI) through to the final declaration of the Transition Electricity Market (TEM) early next year, that the commission has insisted on a coordinated handover of the assets to the new owners in the interest of all.
“Taking over will require security and the National Security Adviser (NSA) has been briefed on that. We are doing well to ensure a coordinated process of take-over of the assets by the new owners,” Amadi said.
Minister of Power, Prof. Chinedu Nebo, who was represented by his senior special assistant, Prof. Chidiebere Onyia, stated that the power sector can only make the required leapfrog that would guarantee sustainable power supply to all Nigerians, when both providers and consumers play their expected roles in driving the sector forward.
He said: “The government has been working tirelessly to direct inward investment to the sector with recent successes through our bonds and the contribution from China and America in addition to the existing and planned MoUs from our global technical partners.
“We are also working to strengthen or create in some cases internal processes that will reposition the Ministry of Power to effectively address the new challenges that will emerge as we move closer to meeting the vision of the administration for the power sector.”
He also asked the new PHCN owners to drive their quest in the sector with a balanced view of their commercial operations as required to secure their investments and profits in the sector.