The Roundtable of Electricity Distribution Companies (Discos) yesterday urged the Federal Government to complete the payment of the Power Holding Company (PHCN) severance package for disengaged staff before the August 21, 2013 date set for the completion of payment from the investors.
Following the National Council on Privatisation (NCP) dateline for the privatisation of the Discos, the investors are expected to pay the balance of 75 per cent for the purchase of the entity on August 21.
But the Disco Roundtable, yesterday told the Minister of Power, Prof. Chinedu Nebo that lenders are insisting on verifying the evidence of the payments before lending them fund to complete the outstanding 75 per cent payment.
Chairman of the Roundtable, Dr. Ransome Owan, said: “It is a condition precedent that the Discos would be handed over free from all legacy liabilities. Our lenders are mindful of this and are reluctant to approve loans and condition draw down. Therefore, it is vital that full payment obligations to PHCN employees be finalised before the Long Stop Date of August 21, 2013. Lenders expect evidence of these payments before we can draw down on funds to complete our payments.”
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