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Power privatization: FG to sign deal with winners soon

By on February 21, 2013

In its efforts  towards boosting the   confidence of investors in the transformation agenda of President Goodluck Jonathan, the Federal Government had assured Nigerians of its willingness to sign all necessary agreements with the bid winners of the successor of Power Holding Company of Nigeria, PHCN.

The contracts, among others include that of power generation, Gencos and distribution, Discos companies, for which bank guarantees were recently confirmed by Bureau of Public Enterprises, BPE, which lately took charge of the privatisation process.

The new Minister of Power, Prof. Chinedu Nebo, gave this brief at the  on-going Nigerian Oil and Gas, NOG Conference, which held yesterday in Abuja.

He said, the President will “hopefully, by Thursday, sign most of the contracts in a very significant function. Agreements with most of the companies that won the bid to purchase the Gencos and Discos will be signed.”

The Minister reiterated the Ministries commitment to settle all outstanding debts of the ministries by the middle of this year in order to achieve its purpose as far as  the ongoing privatisation is concerned.

He added, “We will also ensure that regulatory agencies, market operators, system operators and MDAs are consistently delivering on their respective mandates and to ensure that payments are made as at when due.

“It has always been a problem that many of the government agencies are owing billions of naira. This is not going to continue as the privatisation enters its concluding phase.”