FG Makes $2.525 Billion From The Sale Of PHCN

 

 The Federal Government has made $2,525,824,534 from the sale of 14 successor companies of the Power Holding Company of Nigeria (PHCN) Limited.

President Goodluck Jonathan will today present the licences to the owners of the successor companies.

A statement yesterday in Abuja by the Director of Communications, Bureau of Public Enterprises (BPE), Mr. Chigbo Anichebe, said: “So far, of the 14 successor companies scheduled for handover, US$2, 525,824,534 was realised as proceeds. Of the amount, US$1,256,000,000 came from the Distribution Companies (DISCOs) while the Generation Companies (GENCOs) raked in US$1,269,824,534.”

The BPE said the Federal Government set aside about N384 billion to settle labour liabilities.

The agency said the President would present the share certificates and licences to the 15 new owners of the PHCN successor companies who have fully paid their bids.

“The presentation, which is scheduled to hold today at the Banquet Hall of the Presidential Villa, Abuja, is part of the build-up to the activities for the 53rd Independence anniversary of Nigeria,” the statement said.