FG hands over PHCN asset to new investors in Yola

Federal Government has formally handover the Yola Distribution Company to Integrated Energy Distribution and Marketing Limited.
Speaking at the handing over ceremony in Yola, Vice President Namadi Sambo who is the chairman National Council on Privatization (NCP), said the development was  made possible because of the administration commitment to the roadmap for the provision of stable  power to drive the economic transformation of Nigeria.
Sambo who was represented by his Senior Special Adviser on Power, Engr O.S Egberongbe, said the ceremony culminated the 14 years of painstaking efforts by the NCP, Bureau of Public Enterprises (BPE), Ministry of Power and other key stakeholders.
” The participation of private sector would bring about higher generation capacities through the provision of more efficient and cost effective power stations and improvements in electric power distribution, in the areas of billing and collection, transmission networks.
“Such capital injection and efficiency have been inadequate in PHCN over the years, resulting in gross inadequate power supply with the attendant negative effects on the citizenry and the economy at large,” Sambo said.
While congratulating the core investors for emerging winners,Sambo made it clear that the Nigerian Electricity Regulatory Commission and BPE would continue to monitor the operations of the successor companies and would not hesitate to sanction any investor that fail to deliver on the performance agreement.
In his speech, the representative of Integrated Energy Distribution and Marketing Limited,  Dr Olusola Ayandele, said the company would be investing over N48 billion in five years.
” This business plan has the potential to transform the lives of everyone in our distribution zone and the four states that we serve.
” But I need to add some words of caution here. It is a five year plan; not a day plan, not a five week plan and not a five month plan”, Ayandele said.
Ayandele assured workers to be employed by the company of best career opportunity.
The outgoing Managing Director and Chief Executive of Yola distribution company, Engr Mohammed Roro,  said the Yola distribution company covers Adamawa, Taraba, Yobe and Borno states with 16 Business Units with a staff strength of 1, 748.
Roro  listed security, low economic and industrial activities as some of the challenges in the zone.
Roro who urged the new successor to do something on increasing the power generation in the zone pointed out that the total power requirement of the zone stood at 193.6 megawatt but so far within the last couple of months the load received was within the average of 50-70 megawatt.

- The Citizen

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