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Tuesday, 8 October 2013

Nigeria hands over privatised plants

Nigeria has handed over its spun-off power companies to private buyers who paid a total of US 2,5-billion dollars in a series of open auctions. President Goodluck Jonathan presented the share certificates and licences to the new owners of six power generation companies and nine distribution firms that had paid up in full, at a ceremony in Abuja.

The public companies now gone private are among the 18 successors of the now defunct Power Holding Company of Nigeria. At least US$20-billion dollars have gone into several power reform programmes in the past 14 years of civilian rule, much of it wasted. The holding company was split into six generation, 11 distribution and one transmission companies. All the generating and distributing firms were sold separately