FG signs transaction pact with PHCN successor companies

The Federal Government yesterday signed transaction and industry agreements with successor companies of the Power Holding Company of Nigeria, PHCN, to kick start full commencement of reform of the country’s electricity supply industry.

 

The endorsement of the transaction agreement which marks the actual handover of the unbundled PHCN companies to core investors is coming a day after President Goodluck Jonathan approved a total of N384billion for the settlement of all outstanding benefits of PHCN staff.

The PHCN workers had insisted on payment of their full entitlements before government hands it over to the different successor companies that emerged in the privatization process.

Speaking at the signing ceremony yesterday at the State House, Vice President Namadi Sambo, who is also the chairman of the National Council on Privatization (NCP) said the first set of the agreements is on power purchase signed between the Nigeria Bulk Electricity Trading Company limited “Bulk Trader” and six legacy power plants.