Saturday, 6 October 2012

PHCN Privatization: Bid winners still under scrutiny

The National Electricity Regulatory Commission (NERC) has revealed that companies which won bids for state-owned power generation assets put up for sale or concession would still undergo a “fit and proper” scrutiny. NERC’s Chief Executive Officer, Dr. Sam Amadi, said the commission is looking into the memorandum submitted by the companies to determine whether the local firms and their foreign partners possess the technical and financial capacity to manage the assets.
The commission’s head also disclosed that they are conducting checks on the individuals involved in the transaction to find out if they are “fit and proper” to run the unbundled companies on behalf of Nigerians. Amadi added that the report would be sent back to the president before the curtain is drawn on the exercise.
Chairman of the Technical Committee of the NCP, Mr. Atedo Peterside, had echoed a similar sentiment during the opening of the financial bids. He cautioned the jubilant representatives of the successful companies to be mindful of the fact that their emergence as preferred bidders was still subject to the approval of NCP and that they could still be denied the opportunity of taking over the companies if they failed to pay their fees or if they were found wanting in documentation during post-bid assessment.

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