The Federal Government may have concluded plans to finalise the ongoing privatization of the power sector this month, when the Power Holding Company of Nigeria (PHCN) distribution firms are expected to be handed over to their respective investors.
The Commissioner in charge of Government and Consumer of the National Electricity Regulatory Council (NERC), Abba Ibrahim, who disclosed this during the opening of Kano Forum office, on Tuesday, said June was set as the final date for the transactions to come to its final stage.
He revealed that all the prospective buyers of the distribution companies (DISCOs) have already paid up to 25 per cent, the total money agreed for the sale of the companies. According to him, they were all expected to pay the balance at the end of June, 2013.
The Commissioner further explained that, the sales of the companies was aimed at transforming the power sector, which was in line with President Goodluck Jonathan’s transformation agenda, adding that, when the sale of the companies fully took effect, the nation would experience another era of full power across the states of the federation.
“Power sector is in difficult situation as a result of some challenges facing the sector, which caused a short fall in the power supply across the nat
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