FG to hand over property to power firms

Vice President Namadi Sambo will hand over the physical assets of 14 PHCN Successor Companies to their new owners tomorrow.

The event, the Bureau of Public Enterprises (BPE), said will take place simultaneously at the headquarters of the companies across the country where the Vice President will be represented by Ministers and other top government functionaries.

It however noted that, Sapele Generation Company (SGC) will not be affected because of the comprehensive legal review of the status of the company following the failure to complete payment by the preferred bidder.

The companies to be handed over and their new owners are: Abuja Distribution Company (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 Ltd).

Others are; Ikeja Distribution Company (NEDC/KEPCO Consortium), Jos Distribution Company (Aura Energy Limited), Kano Distribution Company (Sahelian Power SPV Ltd), Port Harcourt Distribution Company (4Power Consortium) and Yola distribution Company (Integrated Energy Distribution & Marketing Ltd).

The Generation Companies are: Shiroro (North-South Power Company), Kainji (Mainstream Energy Solutions Ltd), Geregu (Amperion Power Distribution) and Ughelli (Transcorp Ughelli Power Plc).

Top government functionaries who will represent the Vice President at the various hand over venues are: Minister of Power, Prof. Chinedu Nebo (Abuja), Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala (Ibadan), Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke (Enugu), Minister of Trade & Investment, Mr. Olusegun Aganga (Eko), Minister of Transport, Senator Idris A. Umar (Kainji/Jebba) and Attorney General of the Federation & Minister of Justice, Mr. Mohammed Bello Adoke- SAN (Yola).

The others are; Minister of Mines & Steel Development, Mohammed Musa Sada (Kano), Minister of Information, Labaran Maku (Jos), Minister of Labour, Chief Emeka Wogu (Ughelli) and Minister of State (Works), Amb. Bashir Yuguda (Shiroro). The rest are; 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, Engr.Beks Dagogo-Jack (Benin) and Group Managing Director of NNPC, Mr. Andrew Yakubu (Geregu).

Of the 14 successor companies scheduled for handover, a total of US$2, 525,824,534 was realised as proceeds. Out of the amount, US$1,256,000,000.00 came from the Distribution Companies (DISCOs) while the Generation Companies (GENCOs) raked in US$1, 269,824,534.