Abuja - The Bureau of Public Enterprise says investors bidding for Power Holding Company of Nigeria (PHCN) successor companies will only be allowed to take over the companies upon 100 per cent payment of their bid consideration.
This is explained in a statement signed by the Bureau of Public Enterprises (BPE) Head of Public Communications, Chigbo Anichebe.
The agency debunked rumours that there was a secret handover of PHCN successor companies to investors who had not completed the outstanding 75 per cent payment of their respective bid considerations.
It stated that the successor companies would be formally handed over to the bidders after full payment.
"We want to put it on record that the National Council on Privatisation has approved the constitution of transition committees for the 15 PHCN successor companies for which preferred bidders have paid 25 per cent of the bid value.
The Director-General of BPE, Benjamin Dikki, said all stakeholders had a mutual interest to ensure that the companies operated in a way that would maintain their value 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 hand-over.
He noted that both management and staff of all PHCN successor companies and all key stakeholders in the sector had been properly briefed on the transition committees’ operational modalities.