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States, communities to own part of defunct PHCN assets

19 November 2013, 15:09

Abuja - The remaining 40 per cent stake in the assets of  the 11 distribution companies unbundled from the defunct Power Holding Company of Nigeria (PHCN) will be shared among states and communities hosting these plants.

The move is aimed at compensating state governments that made huge investments in the electricity distribution infrastructure before the plants were privatized, reports ThisDay.

Benjamin Dikki, Director General, Bureau of Public Enterprises (BPE), disclosed that workers in the power sector will also be allocated part of the remaining assets of the distribution companies.

Dikki admitted that some states had played key roles in the development of the power sector and should therefore be compensated.

Read more on Thisday


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