Petroleum Africa
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Monday, August 12, 2013
In Nigeria the government plans to hand over the privatized companies of Power Holding Co. Nigeria (PHCN) to private investors in September. The handover is contingent on investors paying on schedule according to the director general of the PBE, Benjamin Dikki.
Dikkii said that the PHCN privatization was expected to earn the government about $2 billion. “To purchase this PHCN, over $2 billion will be paid by the bidders; and that is because the investors can see a clear investment horizon. They don’t have to go and lobby anybody, all they require is to meet the technical requirement, go to the regulatory authority, apply for license, and they are limited by their own ingenuity and their access to the capital,” he said.
Dikki added, “When they pay by September 21, we will hand over the companies to them or anybody who pays earlier and then they begin to operate.”
The privatization program launched by the government has significantly opened up the Nigerian economy by creating the right atmosphere for greater private sector participation in several key sectors.
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