Thursday, October 31, 2013

FG Set To Hand Over Power Assets

As the National Union of Electricity Employees (NUEE) readies to
withdraw its members from all Power Holding Company of Nigeria (PHCN)
facilities across the country tomorrow, plans have also been concluded
by the Vice-President, who is also the Chairman of the National
Council on Privatisation (NCP), Alhaji Namadi Sambo, to formally hand
over the physical assets of 14 PHCN successor companies to their new
The event is expected to occur simultaneously at the headquarters of
the successor firms across the country where the vice-vresident would
be represented by ministers and other top government functionaries.
A statement from the Bureau of Public Enterprises (BPE), which was
signed by its spokesman, Chigbo Anichebe, however said the Sapele
Generation Company (SGC) would not be affected by the exercise since
the NCP had directed its legal committee to undertake a comprehensive
legal review of the status of the company following the failure to
complete payment by the preferred bidder.
The successor companies expected to be handed over to the new
investors include Abuja Distribution Company (owned by KANN Consortium
Utility), Benin Distribution Company (Vigeo Power Consortium), Eko
Distribution Company (West Power & Gas), Enugu Distribution Company
(Interstate Electrics Ltd) and Ibadan Distribution Company (Integrated
Energy Distribution & Marketing Limited).
Others are: Ikeja Distribution Company (NEDC/KEPCO Consortium), Jos
Distribution Company (Aura Energy Limited), Kano Distribution Company
(Sahelian Power SPV Limited), Port Harcourt Distribution Company
(4Power Consortium) and Yola distribution Company (Integrated Energy
Distribution & Marketing Limited).
The generation companies expected to be handed over are Shiroro (owned
by North-South Power Company), Kainji (Mainstream Energy Solutions
Ltd), Geregu (Amperion Power Distribution) and Ughelli (Transcorp
Ughelli Power Plc).
Expected to represent the vice-president at the various hand over
venues are: Minister of Power, Prof. Chinedu Nebo (Abuja),
Coordinating Minister for the Economy and Minister of Finance, Dr.
Ngozi Okonjo-Iweala (Ibadan): and Minister of Petroleum Resources,
Mrs. Deziani Alison-Madueke (Enugu).
Others are Minister of Trade and Investment, Mr. Olusegun Aganga
(Eko), Minister of Transport, Senator Idris A. Umar (Kainji/Jebba) and
Attorney General of the Federation (AGF) and Minister of Justice, Mr.
Mohammed Bello Adoke (Yola).
Others include the Minister of Mines and Steel Development, Mohammed
Musa Sada (Kano), Minister of Information, Labaran Maku (Jos),
Minister of Labour and Productivity, Chief Emeka Wogu (Ughelli) and
Minister of State (Works), Ambassador Bashir Yuguda (Shiroro).
Director General of BPE, Mr. Benjamin Ezra Dikki (Ikeja & Egbin),
Permanent Secretary, Ministry of Power, Dr. Godswill Igali (Port
Harcourt), Chairman, Presidential Task Force on Power, Mr. Beks
Dagogo-Jack (Benin) and Group Managing Director of NNPC, Mr. Andrew
Yakubu (Geregu), will also participate in the exercise.
Out of the 14 successor companies scheduled for handover, a total of
US$2, 525,824,534 has been realised as proceeds so far.
US$1,256,000,000.00 out of the amount came from the Distribution
Companies (DISCOs), while the Generation Companies (GENCOs) raked in
US$1, 269,824,534.
According to the federal government, it has set aside the entire
proceed of N384 billion from the transaction to settle labour
In its determination to resolve all labour issues before the handover,
the BPE said it had despatched a team of consultants and its staff for
the biometric data capture of 1, 478 employees of the Enugu
Distribution Company who could not be audited because of virus attack
on the system where their names were stored.
Meanwhile, the federal government yesterday disclosed that it had paid
a total of N214.22 billion to 40,093 workers of the workers as
severance allowance, adding that the sum of N80.290 billion had been
paid as pensions and gratuities.
While briefing State House correspondents at the end of a meeting of
stakeholders in the power sector at the Presidential Villa, the
Permanent Secretary of the Ministry of Power, Godknows Igali, said
government would ensure that all PHCN workers, whose record had been
validated are duly paid their entitlements.
He further said the payment was coming ahead of the handover of the
assets of the PHCN by private investors tomorrow simultaneously across
the country, stressing that an additional 605 workers have also been
validated on Tuesday and their payment have just been paid.
In a statement signed by NUEE's Secretary, Joe Ajaero, the group
claimed that only 68 per cent of the gratuity payment had been made,
noting that "no member has received a dime of the pension funds
savings into his/her Retirement Savings Account (RSA) as agreed."

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