40% workers retained as FG finally privatizes PHCN.

The Federal Government, Friday , officially concluded the the privatization of Power Holding company and retained 40% of it's workers. These retained workers are given temporary appointment by the Federal Government to run the newly privatized company for the period of six months.

The handing over ceremony took place in Lagos, Ibadan, Benin, Enugu and Abuja respectively.

The Federal Governement handed over three power assets in Lagos on Friday . The assets include Egbin Power Plc, Ikeja Electricity Distribution Company and Eko Electricity Distribution Company.

At the official handover ceremony of the Abuja Electricity Distribution Company to it's new owner, The Kaan UtilityConsortium Nigeria, The Minister of Power, Prof. Chinedu Nebo, stated that the government had paid out a huge sum #360 billion to workers of the defunct PHCN, further explaining that  there might be an increase in tariff as soon as the new power owners commence operation, but this problem will be solved subsequently.

The FG formerly handed over the Benin Electricity Distribution Company, to the investors, Vigeo Power Limited, which with 60% is the major investor of the BEDC.

The Ibadan Electricity Distribution Company was also formerly handed over to Integrated Energy Distribution Company on Friday at the Premier Hotel,  Ibadan. The permanent secretary of the ministry of finance, Anastasia Nwaobia, represented the Vice President, Namadi Sambo, expressing that the FG is committed to ensure uninterrupted Power supply.

The Ibadan distribution company dispenses power to Oyo, Ondo, Ogun, Osun and parts of Kwara, Kogi and Niger States.

Enugu Electricity Distribution was handed over to Interstate Electricity Limited in Enugu on Friday by Sambo, giving the new company the mandate to check the epileptic power supply in the state.

Sambo further stated that privatization is a necessary tool for power regulation.