The National Council on Privatisation, NCP, yesterday set up Transition Committees for the 15 Power Holding Company of Nigeria, PHCN successor companies whose preferred bidders recently paid the mandatory 25 percent of their bid values.
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The move is in a bid to, amongst others, facilitate the smooth transition and eventual handover of the management and operational control of the successor companies to their new owners.
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The Chairman, Technical Committee of the NCP, Mr. Atedo Peterside, was quoted as saying in a statement that the inauguration of the committees is in compliance with the Share Sale Purchase Agreement, SSPA approved by the Council.
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The statement, issued by the Bureau of Public Enterprises, BPE, also quoted the Acting Director- General, Mr. Benjamin Ezra Dikki, as saying that each successor company had a three-member committee.
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The members include representatives of the BPE, the management of the successor company and the preferred bidder. The BPE nominee is the chairman of each committee.
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According to Dikki, "Both BPE and the new owners have a mutual interest in ensuring that the companies operate in such a way as to maintain the value of the company during the transition period."
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He added that the transition period could last for a month or a maximum of six months depending on full payment by the new owners.
PHCN is an annoying organisation. They need to be scrapped once and for all for quality electricity