The
Federal Government on Friday officially dissolved the Power Holding
Company of Nigeria after it handed over the 14 successor companies
created from the unbundling of PHCN to their respective new owners
across the country.
Speaking at the official physical handover ceremony of the Abuja Electricity Distribution Company to its new owner, Kann Utility Consortium Nigeria Limited, the Minister of Power, Prof. Chinedu Nebo, stated that the government had paid N360bn to workers of the defunct PHCN.
He explained that there might be some teething issues such as an increase in electricity tariff as soon as the new power owners commenced operations in earnest, but stressed that the problems would abate with time.
He said, “Distinguished ladies and gentlemen, PHCN has essentially cease to exist. We now have (electricity) distribution, generating and transmission companies. So it is no longer PHCN.
Speaking at the official physical handover ceremony of the Abuja Electricity Distribution Company to its new owner, Kann Utility Consortium Nigeria Limited, the Minister of Power, Prof. Chinedu Nebo, stated that the government had paid N360bn to workers of the defunct PHCN.
He explained that there might be some teething issues such as an increase in electricity tariff as soon as the new power owners commenced operations in earnest, but stressed that the problems would abate with time.
He said, “Distinguished ladies and gentlemen, PHCN has essentially cease to exist. We now have (electricity) distribution, generating and transmission companies. So it is no longer PHCN.