Nigeria Power Sector Reform: FG Hands Over 15 Firms

Nigeria’s President Goodluck Jonathan will, today, hand over certificate of ownership and licences to the new owners of the Power Holding Company of Nigeria 15 successor companies. Mr. Benjamin Dikki, Director-general of the Bureau of Public Enterprises (BPE), explained that  “this handover is a culmination of 14 years of painstaking effort by the National Council on Privatisation (NCP), BPE and other key stakeholders to reform and liberalise the nation’s electricity industry”. A total of $2, 525,824,534 has so far been realised as proceeds from the 14 successor companies scheduled for handover. $1,256,000,000 of the sum came from the distribution companies (DISCOs) while the generation companies (GENCOs) raked in $1, 269,824,534.