No Takeover Yet


By Vincent Nzemeke  |

THE National Council on Privatization, NCP, has debunked rumours that it had secretly handed over the ownership of the Power Holding Company of Nigeria, PHCN, successor companies to some investors who are yet to complete the outstanding 75 percent payment of their respective bid considerations.

The council, in a statement, said it only approved the constitution of Transition Committees for the 15 Power Holding Company of Nigeria, PHCN, successor companies whose preferred bidders have paid 25 percent of the bid value. It added that successful bidders are only allowed to take over privatised the companies when their bids are accepted and they pay 100 percent.

“We must place on record that that in consonance with the normal practice of the NCP, core investors are only allowed to take over the companies they have purchased on completion of 100 percent payment of their bid consideration and the PHCN successor companies will not be different. The successor companies would be formally handed over to the bidders after full payment in a ceremony that will herald the takeover of the power sector by the private sector.”

The council also noted that the various transition committees that have been inaugurated have a duty to facilitate the smooth transition of the management and operational control of the successor companies to the purchasers and allow the purchasers access to the companies in order to prepare for the implementation of their business plans laid out in their proposals submitted to the Bureau of Public Enterprises.

Benjamin Dikki, director-general, Bureau of Public Enterprises noted that all the stakeholders have a mutual interest in ensuring that the companies operate in a way to maintain the value of the company during the transition period. He reiterated that the transition period could be several months and that transitional arrangements would provide a platform to ensure that the companies and the purchasers are ready for the handover.

Daunting Task for Dikki

Benjamin Dikki

BENJAMIN Dikki, director-general of the Bureau of Public Enterprises has been advised to justify the trust reposed in him by President Goodluck Jonathan, who appointed him to the exalted office. The advice came last week when family members and friends of Dikki gathered at a reception organised to celebrate the confirmation of his appointment by the president on May 15, 2013.

Present at the event were Muhammadu Magoro, chairman of the Senate Committee on Internal Security, Atedo Peterside, Haliru, chairman of the Technical Committee of the National Council on Privatisation, NCP, Haliru Bello, a former chairman of the Peoples Democratic Party and former Minister of Defence, Danladi Bamaiyi among others.

Addressing the guests, Magoro who was the chairman of the event, noted that leadership at any level is a daunting task. He urged Dikki to work hard in order to make the president and those who recommended his appointment proud. “From what I know about this man, I am sure he will not be found wanting,” Magoro said and also tasked Dikki to ensure that the privatisation programmes are always premised on transparency and accountability.

On his part, Peterside commended Dikki’s appointment noting that he was the best man for such a task that required hard work and diligence. Other guests at the event were Irene Chigbue, a former director-general of the BPE, Ibrahim Aliyu, Sani Ndanusa, former minister of sport and Nathaniel Zome, a former post-master general of the Federation.

— Jun. 10, 2013 @ 01:00 GMT

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