FG to wind up PHCN Q1 2012

The Federal Government will wind up the operations of the Power Holding Company of Nigeria by the first quarter of 2012, the Minister of Power, Prof. Bart Nnaji, has disclosed.The winding up schedule is in consonance with the plan to conclude the sale of the PHCN successor companies by the first quarter of 2012.Nnaji told our correspondent exclusively, We are working to ensure that the operations of the company are wound up by the first quarter of next year.The Federal Government had already commenced the gradual shutdown of the operations of the company with the successor firms already operating independently of the PHCN headquarters and reporting directly to the Ministry of Power.The PHCN headquarters has become more or less a coordinating centre, with most of the top officials having been posted to ministries and the successor companies.The operations of the company should have ceased about a year ago, but for several shifts in the winding up date.Prospective investors in the successor companies are currently carrying out due diligence on the firms, which are scheduled to be sold by the first quarter of next year.By the Bureau of Public Enterprises programme, the investors are currently conducting site visits to the firms they are interested in, with the exercise scheduled to end on January 16, 2012.Also, the bid documents for the generation companies are to be submitted by that date, while those of the distribution companies will be submitted on January 30, 2012.Evaluation of bids for the generation companies will be concluded on February 14, while that of the distribution companies will be concluded on February 28.Subsequently, the announcement of successful bidders is expected to take place before the end of the first quarter of 2012.The companies to be sold include the Abuja Electricity Distribution Company Plc; Benin Electricity Distribution Company Plc; Enugu Electricity Distribution Company Plc; Eko Electricity Distribution Company Plc; Ibadan Electricity Distribution Company Plc; and Ikeja Electricity Distribution Company Plc.Others are Jos Electricity Distribution Company Plc; Kaduna Electricity Distribution Company Plc; Kano Electricity Distribution Company Plc; Port Harcourt Electricity Distribution Company Plc; and Yola Electricity Distribution Company Plc.The power generating companies to be sold are Ughelli Power Plc; Geregu Power Plc; Afam Power Plc; Sapele Power Plc; Kainji Power Plc and Shiroro Power Plc.
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