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BPE tasks staff on effective monitoring of privatized power companies

Director-General of the Bureau of Public Enterprises (BPE), Mr. Benjamin Ezra Dikki has charged staff of the Bureau to acquaint themselves with the monitoring techniques for the Power Holding Company of Nigeria (PHCN) power companies sold to the private sector to ensure that the core investors fulfilled the covenants of the transaction

Declaring open a one-day training for staff of the Bureau on post privatisation monitoring of privatised power companies, Dikki noted that unlike in the other transactions,  the post privatization monitoring of the power companies was complex and required adequate understanding of the issues involved by all staff who will be involved in the monitoring process..

He said that the Post Privatization Monitoring Department (PPM) of the Bureau would not be left alone to monitor the power companies. He also stated that the Bureau is going to collaborate with NERC, the regulator of the power sector, to assist in enforcing the covenants.

BPE’s Head, Public Communications, Chigbo Anichebe, quoted the DG as urging staff to take the training seriously "so that anyone of you called upon to monitor these power companies will not be found wanting."

Dikki said his administration was committed to the training and re-training of staff to bring about efficient and quality service delivery, adding that "we will also create the enabling environment for staff to bring out good initiatives and quality output."

A total of 22 new power generation companies, a distribution firm and the Nigerian Bulk Electricity Trading Company Plc (NBETC) have been licenced to commence business as an entity in the power sector as well as the manager of the Federal Government/World Bank’s Partial Risk Guarantee (PRG) scheme.

In September last year, the Federal Government  of Nigeria formally handed over share certificates and licences to new core owners of 15 of the 18 successor companies of the  PHCN.

The privatised generating companies are Geregu Power Plc, Ughelli Power Plc, Egbin Power Plc, Kainji Hydro Electric Plc and Shiroro Hydro Electric Power Plc.

The 10 privatised distribution companies (Disco) are located in Abuja, Benin, Lagos (Eko), Ibadan, Lagos (Ikeja), Jos, Kano, Port-Harcourt, Yola and Enugu.

The three PHCN successor companies that have yet to be handed over because of outstanding issues are located in Afam, Kaduna, and Sapele.