‘Investors Will Take Over PHCN Firms October’

Investors in the successor companies created out of the Power Holding Company of Nigeria are expected to fully take over the electricity companies in October, the Bureau of Public Enterprises (BPE) has said.

Benjamin Dikki, the Director-General of BPE, in a statement, said that by October, the investors would have paid the balance of 75% of the bid price for the respective companies since they had earlier made the mandatory 25% payment. He also gave assurance that power supply in the country would improve when the private investors take over.

The BPE boss expressed confidence that the introduction of sound maintenance culture would ensure that the current installed capacity of 6,000 megawatts was exploited and put on the national grid, stressing that this alone would stabilise power supply in the country.