Prof Chinedu Nebo, Power Minister
Chineme Okafor in Abuja
The federal government is said to be making frantic efforts to avert potential legal tussles with preferred bidders of 15 of the 17 successor generation and distribution companies of the Power Holding Company of Nigeria (PHCN) over the final operational conditions of the assets scheduled to be handed over to the investors soon.
Chineme Okafor in Abuja
The federal government is said to be making frantic efforts to avert potential legal tussles with preferred bidders of 15 of the 17 successor generation and distribution companies of the Power Holding Company of Nigeria (PHCN) over the final operational conditions of the assets scheduled to be handed over to the investors soon.
THISDAY gathered that government in the light of its zero budgetary allocation to the 11 distribution companies and five generation successor companies of PHCN, whose operations were allegedly being affected by paucity of funds, had resolved to source for newer ways of funding operations of the companies to at least keep them afloat and fit till their eventual takeover.
Sources within the presidency argued that apart from the necessity of keeping stable nationwide power supply, another reason why government has decided to seek alternative funding for the companies was because of possible legal suits against it by successful PHCN investors over the operational conditions of the assets after takeover.
The government, according to the sources, had expressed fears that investors might likely disapprove the states of the assets after their takeover on the ground that their operational conditions had dropped below their standards during their respective evaluation.
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