The Federal Government of Nigeria is to hand over the Power Holding Company of Nigeria (PHCN) to new private owners who recently bought over the company.
NIGERIA’S long and tortuous journey to electricity reforms seems to be coming to an end.President Goodluck Jonathan will Monday hand over certificates and licences to buyers of the successor companies of Power Holding Company of Nigeria (PHCN), heralding the end of an era and the beginning of another. The handover is expected in the next few weeks.
There is already excitement in government circles. It is hoped that the coming of the private sector to take over the nation’s generation and distribution companies (gencos and discos) would lead to efficient electricity. The failure of government’s monopoly personified by the battered PHCN is one reason the majority of Nigerians have supported the privatisation of the utilities.