FG Dispels Fears Of Foreigners Dominating Power Sector

Fears that foreigners would take control of the nation’s power sector, post-privatisation have been dispelled by the Federal Government.

The Federal Government gave the assurance even as it has shifted the handover date of the privatized assets of the Power Holding Company of Nigeria (PHCN) to new investors to September 2013.

Making the disclosure during the commissioning of some injection sub-stations under Eko Electricity Distribution Company in Lagos last week, the Minister of Power, Prof. Chinedu Nebo said the gesture was part of government’s plan to promote local content in the nation’s power sector.

Nebo stated that workers of the PHCN would play prominent roles when new investors take over the assets.

He charged the workers to be committed to their duties and gear up to work with the new investors.

His words: It will not be acceptable, our people must be seen working with them. We have told the investors ahead of time to provide their work company structures and schedule ahead of time. While those of them who will bring foreigners should indicate their roles and positions they will be occupying, so as to involve Nigerians in their duties and dealings”.

According to him the final handover of the PHCN assets to investors which was fixed for next month has been shifted to September to enable them effect the payment of 75 percent balance on the assets.

“They have been given timeline of end September, 2013 to pay up and we’re hoping that by then, they will be through, but we are eager and gingering them to make it happened before that time. I am one of those that think that the revolution that would soon happen in the power sector will beat that of telecommunications”, Nebo said.

In his remark,  the Chief Executive Officer, Eko Electricity Distribution Company Mr, Aladel Amoda, pointed out that funding has been a major challenge of the zone.