Before doing so, I must emphasize that there is still some "unfinished business" with the privatisation of the Power Holding Company of Nigeria (PHCN) Successor Companies and so, like accomplished sportsmen, I believe we must stay focused and not take our eyes "off the ball" until the "game" is truly over.
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Let us remember that, from the onset, a total of 19 PHCN Successor Companies were scheduled for "privatisation" and these were broken down into 11 Distribution Companies ("Discos"), 7 Generation Companies ("Gencos") and the Transmission Company of Nigeria ("TCN"), which was later "privatized" via the appointment of a management contractor (Manitoba Hydro International of Canada) in the second half of 2012.
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By the payment deadline of 21 August, 2013, private sector core investors had paid a total of $1.130 bn for 60% equity controlling stakes in nine Discos (namely Abuja, Benin, Eko, Ibadan, Ikeja, Jos, Kano, Port Harcourt and Yola).
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The core investors for the 10th Disco (Enugu) paid their $126m late and so the National Council on Privatisation (NCP) directed that they must pay a late penalty fee equal to Libor + 5% for the number of days for which they were in default and the preferred bidder for the 11th Disco (Kaduna), which has a separate time-table, is expected to pay a total of $163m within 6 months, thereby completing the $1.419bn that was originally targeted from the sale of all 11 Discos.