Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


PHCN successor companies to make full payments

27 May 2013, 08:59

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.


Tags phcn bpe

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...